BEIJING, April 18, 2023 /PRNewswire/ -- Glory Star New Media Group Holdings Limited, ("Glory Star", the "Company" or "we") (NASDAQ: GSMG), a leading digital media platform and content-driven e-commerce company in China, today announced that it has entered into a Share Subscription Agreement with two institutional investors (the "Investors"), for the issuance of 24,193,548 ordinary shares in aggregate, at a purchase price of $2.48 per share. The gross proceeds will be $60,000,000.

The purchase price was determined based off of the privatization price of US $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 anticipated to occur on or about May 9, 2023.