BEIJING, Aug. 16, 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 new institutional investors, for the issuance of 8,064,516 ordinary shares in aggregate, at a purchase price of $2.48 per share (the "Private Placement"). The gross proceeds will be $20,000,000.

The purchase price was determined based off of the prior private placement that closed on May 9, 2023. The closing of the Private Placement is anticipated to occur on or about September 5, 2023.