Color Star Technology Co., Ltd. Announces Entry into Agreement for Registered Direct Placement of Approximately $10 Million Ordinary Shares and Warrants

NEW YORK, February 22, 2022 / PRNewswire / – Color Star Technology Co., Ltd. (“Color Star” or “Company”) (NASDAQ: CSCW), an entertainment technology company with a global network focused on the application of technology and artificial intelligence (AI) in the entertainment industry, today announced that it has entered into an agreement to purchase securities with some institutional investors for registered direct offerings of common stock and warrants. Each share consists of one ordinary share and one warrant for the purchase of one ordinary share. The purchase price per unit is $ 0.40. Gross income from the sale of securities without deduction of placement agent fees and other estimated costs of the offer, which are paid by the Company, will be approximately $ 10.0 million. The company will issue investors a total of 25,000,000 common shares and warrants to purchase a total of 25,000,000 common shares. Initially warrants are to be executed in $ 0.40 per share.

Net income from this offer will be used for the general purpose of corporate and working capital. It is expected that the completion of the placement will take place around this time February 24, 2022subject to normal closure conditions.

Maxim Group Ltd. acts as the exclusive placement agent in connection with the offer.

The securities described above are offered by the Company in accordance with the F-3 Application Form (file № 333-256508) previously submitted to the Securities and Exchange Commission (SEC) and declared effective. June 23, 2021. Such ordinary promotions and warrants may only be offered through the prospectus, including the supplement to the prospectus. The supplement to the prospectus and the accompanying prospectus related to the proposal will be submitted to the SEC and will be available on the SEC website at http://www.sec.gov.

This press release will not constitute an offer to sell or demand an offer to purchase these securities, nor will there be a sale of these securities in any state or other jurisdiction in which such an offer, petition or sale would be illegal prior to registration or qualification in accordance with the securities laws of any such state or other jurisdiction.

For more information on this transaction, please see the 6-K form you need to submit to the SEC.

About Color Star technology

Color Star Technology Co., ltd. (Nasdaq CM: CSCW) is an entertainment and education company that provides online entertainment and online music education services. Its business operations are conducted through its subsidiaries Color China Entertainment Ltd. and CACM Group NY, Inc. The company’s online education is carried out through its music and entertainment platform Color World. More information about the company can be found at www.colorstarinternational.com.

Statement of the future

This press release contains forward-looking statements as defined by the Private Securities Trial Reform Act of 1995. Statements concerning projections include statements concerning plans, objectives, goals, strategies, future events or performance, as well as basic assumptions and other statements that are not related to the statement of historical facts. If the Company uses words such as “possible”, “will”, “intention”, “must”, “believe”, “expect”, “anticipate”, “project”, “assessment” or similar expressions that are not exclusively up in historical matters, he makes forward-looking statements. Forward-looking statements are not a guarantee of future performance and include risks and uncertainties that could cause actual results to differ materially from the expectations of the company that are discussed in the forward-looking statements. These statements are subject to uncertainty and risk, including, but not limited to, the following: company goals and strategies; future business development of the company; demand and acceptance of products and services; changes in technology; economic conditions; the growth of the market for educational and training services China and other countries where the CSCW operates; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in the general economic and business conditions and assumptions underlying or related to any of the above and other risks contained in the reports submitted by the Company to the Securities and Exchange Commission. For these reasons, among other things, investors are warned not to rely too heavily on any forward-looking statements in this press release. Additional factors are discussed in company documents to the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly review these forward-looking statements to reflect events or circumstances that arise after the date of this action, except as required by applicable laws, rules or regulations.

SOURCE Color Star Technology Co., Ltd.

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