Integrated Media Technology (IMTE) Announces Registered Direct Offering of Ordinary Shares

March 23, 2021 10:53 AM EDT

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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 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 , which will generate a net cash proceeds of approximately US$4,577,000 after deducting estimated expenses in connection with the offering. The transaction is expected to close on March 25, 2021.

The Company intends to use the net cash proceeds for the further development of its switchable glass, non plated filter and financial research businesses and general working capital.

Mr. Con Unerkov, Chairman of IMTE stated, "This is a positive move to further strengthen the capital base of the Company as the proceeds from the sale of the shares will primarily be used to expand the development of our operations".

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 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.



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