Huitao Technology (HHT) Prices 2.7M Share Registered Direct Offering at $0.55/Sh

Huitao Technology Co., Ltd. (NASDAQ: HHT) announced today it has entered into a securities purchase agreement with certain accredited investors to purchase approximately $1.5 million worth of its ordinary shares in a registered direct offering and warrants to purchase ordinary shares in a concurrent private placement.

Under the terms of the securities purchase agreement, the Company has agreed to sell approximately 2.7 million ordinary shares. In a concurrent private placement, the Company has agreed to issue unregistered warrants to purchase up to approximately 2.7 million ordinary shares. The warrants will be exercisable after 6 months of the date of issuance and have an exercise price of $0.55. The warrants will expire 5.5 years from the date of issuance. The purchase price for one ordinary share and a corresponding warrant will be $0.55. The gross proceeds to the Company from the registered direct offering and concurrent private placement are estimated to be approximately $1.5 million before deducting the placement agent's fees and other estimated offering expenses. The registered direct offering and concurrent private placement are expected to close on or about April 2, 2020, subject to the satisfaction of customary closing conditions.

Maxim Group LLC ("Maxim") is acting as sole placement agent in connection with this offering.

The Company intends to use the net proceeds from this offering to expand the education service business and for other general corporate purposes.

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