Glory Star New Media Shares Up 17% After $20M Strategic Investment

Dow Jones2023-08-16

By Chris Wack

Glory Star New Media Group shares were up 17% to 58 cents after the company entered into a share subscription agreement with two new institutional investors for the issuance of 8 million shares at $2.48 a share.

The stock is down 60% in the past 12 months.

The proceeds from the investment will be $20 million.

The purchase price was determined based off of a prior private placement that closed on May 9. The closing of this private placement is expected to be on about Sept. 5.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

August 16, 2023 09:53 ET (13:53 GMT)

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