Glory Star Inks $60M Strategic Investment With Two Institutional Investors

  • Glory Star New Media Group Holdings Limited GSMG entered into a share subscription agreement with two institutional investors to issue 24.19 million ordinary shares in aggregate at a purchase price of $2.48 per share. 
  • The gross proceeds from the share subscription agreement will be $60 million.
  • The purchase price is based on the privatization price of $1.55 per share approved by the company's shareholders on November 11, 2022, with a 60% premium as agreed to by the company and the investors. 
  • The closing of the private placement is expected on or about May 9, 2023.
  • Price Action: GSMG shares are trading higher by 45.58% at $0.6979 on the last check Tuesday.
Market News and Data brought to you by Benzinga APIs
Posted In: NewsPenny StocksWIIMGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!