Business
Integrated Media Technology Limited Announces Registered Direct Offering of Ordinary Shares and Warrants
SYDNEY, Australia and NEW YORK, Feb. 25, 2020 (GLOBE NEWSWIRE) -- Integrated Media Technology Limited (NASDAQ: IMTE) (“IMTE” or the “Company”), announces
About this update from Integrated Media Technology Limited
[{"type":"text","content":"SYDNEY, Australia and NEW YORK, Feb. 25, 2020 (GLOBE NEWSWIRE) -- Integrated Media Technology Limited (NASDAQ: IMTE) (“IMTE” or the “Company”), announces today that it has entered into a Securities Purchase Agreement with an accredited investor for the issuance and sale in a registered direct offering of 158,730 ordinary shares of the Company (“Ordinary Shares”) at a price of US$6.30 per share (the “Cash Offering”) totaling US$1 million, which will generate a net cash proceeds of approximately US$920,000 after deducting estimated expenses in connection with the offering. The transaction was closed on February 24, 2020.\n Under the Securities Purchase Agreement, warrants were issued to purchase up to 126,984 ordinary shares exercisable for a period of 12 months from the date of issuance. The Company intends to use the net cash proceeds for partially paying off debts to a bondholder and general corporate purposes. Mr. Con Unerkov, Chairman of IMTE, stated, “This is a positive move to strengthen the capital base of the Company as the proceeds from the sale of the shares and warrants will primarily be used to pay off some of the debts owed to a bondholder.” The 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 and the warrants 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 were filed with the SEC on February 24, 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. This 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 securities are being offered only by means of a prospectus, including a prospectus supplement and accompanying base prospectus, forming a ...