Color Star Technology Company Ltd (ADD)

[muneeflo]

09:46 AM EDT, 09/16/2020 (MT Newswires) -- Color Star Technology (HHT) shares tumbled Wednesday after the provider of online knowledge-paid services in music and entertainment unveiled a $6.6 million registered direct offering of shares and warrants priced at a discount.
The company said in a statement it has agreed with certain accredited investors to sell 13.2 million ordinary shares. In a concurrent private placement, the company agreed to issue unregistered warrants to buy up to 11.88 million ordinary shares. The warrants will have an exercise price of $0.55.
The combined purchase price for one ordinary share and a corresponding warrant will be $0.50, 37% lower than Tuesday's stock closing price of $0.79.
Shares fell 40% in early Wednesday morning trading.