BEIJING, May 9, 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 closed its private placement with two institutional investors (the "Investors") pursuant to the Share Subscription Agreement, dated April 18, 2023, and will issue an aggregate of 24,193,548 ordinary shares, at a purchase price of $2.48 per share for an aggregate gross proceeds of $60 million. The purchase price was agreed to by the Company and the Investors based off of the privatization price of US $1.55 per share approved by the Company's shareholders on November 11, 2022, and with a 60% premium.

"Especially at this time when our share price is significantly undervalued, we are humbled and delighted by the Investors' recognition in the Company's intrinsic value and growth potential, which indeed is another milestone in a challenging landscape. With a strong foundation and supportive investors, we remain confident in our long term growth strategy to further expand our business and are well positioned to deliver shareholder value going forward." Mr. Bing Zhang, Chairman and CEO of the Company, commented.