TAOP (TOAP) Enters into $7.75 Million Private Placement of Ordinary Shares

Taoping Inc. (NASDAQ: TAOP, the “Company”), a provider of internet-based smart display screens, and a new-media ecosystem that enables targeted advertising and online retail, today announced that it has entered into securities purchase agreements with certain investors to raise approximately $7.75 million through the issuance of 1,900,000 ordinary shares at a purchase price of $4.08 (average closing price for the 20-trading days ended February 19, 2021). TAOP intends to use the net proceeds from the offering for working capital and general corporate purposes.

The private placement is expected to close no later than March 21, 2021. The consummation of the private placement is subject to the satisfaction of certain customary closing conditions. The parties have made customary representations, warranties and indemnifications to each other in the securities purchase agreement. For more details of the private placement, please see the Company’s Report on Form 6-K to be filed on or about February 23, 2021.

“This financing provides TAOP with the capital to take advantage of the opportunities in our industry. I would like to thank all new and existing shareholders for their continued support. We look forward to continuing our approach to value creation in 2021,” said Mr. Jianghuai Lin, Chairman and CEO of TAOP.

The offer and sale of the foregoing securities are being made in a transaction not involving a public offering and pursuant to an exemption from the registration requirements of Section 5 of Securities Act of 1933, as amended (the “Securities Act”) contained in Section 4(a)(2) thereof and/or Regulation S promulgated under the Securities Act. Accordingly, the securities have not been registered under the Securities Act and may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

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 the registration or qualification under the securities laws of any such state or jurisdiction.

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