Business
Integrated Media Technology Limited Announces Closing of $4.602 Million Registered Direct Offering of Ordinary Shares
SYDNEY and NEW YORK and HONG KONG, March 25, 2021 /PRNewswire/ -- Integrated Media Technology Limited (NASDAQ: IMTE) ("IMTE" or the "Company"), announces
About this update from Integrated Media Technology Limited
[{"type":"text","content":"SYDNEY and NEW YORK and HONG KONG, March 25, 2021 /PRNewswire/ -- Integrated Media Technology Limited (NASDAQ: IMTE) (\"IMTE\" or the \"Company\"), announces today the closing of its previously announced direct offering of 708,000 ordinary shares of the Company (\"Ordinary Shares\") at a price of US$6.50 per share (the \"Cash Offering\") totaling US$4,602,000. The Cash Offering will generate a net cash proceeds of approximately US$4,577,000 after deducting estimated expenses in connection with the offering. \n\n \n \n \n \n \n \n\n \nThe Company intends to use the net cash proceeds from the Cash Offering to continue to strengthen its balance sheet and to further develop its switchable glass, nano coated filter and financial research businesses.\n\"The closing on the sale of the Cash Offering places the Company in a stronger position to take advantage of the opportunities in our air filter and IoT businesses. The additional capital will allow us to be more aggressive in our business development activities especially as we commence the rollout of our air filter business and as we look to expand on our newly formed IoT business unit. We see tremendous opportunities in the IoT sector transforming businesses, industries and our daily lives,\" said IMTE's Chairman & CEO, Mr. Con Unerkov.\nThe Offering is being made pursuant to the Company's \"shelf\" Registration Statement on Form F-3 (File No. 333-227741), as filed with the Securities and Exchange Commission (\"SEC\") on October 9, 2018 and declared effective by the SEC on October 19, 2018. The Ordinary Shares are being offered only in the United States by the means of a prospectus supplement. The prospectus supplement and the accompanying prospectus relating to the registered direct offering is expected to be filed with the SEC on March 25, 2020. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the registered direct offering may be obtained, when available, at the SEC's website at http://www.sec.gov.\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securiti...