BEIJING, Sept. 5, 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 pursuant to the Share Subscription Agreement, dated August 16, 2023, and will issue an aggregate of 8,064,516 ordinary shares, at a purchase price of $2.48 per share for an aggregate gross proceeds of $20 million.

"We are greatly honored to continue to win the favor and support from institutional investors, and are grateful for their recognition in the value of Glory Star, as well as their decision to stand alongside the Company in the long run to help us continuously innovate and grow," Mr. Bing Zhang, Chairman and CEO of the Company, commented.