Urban Tea (MYT) Announces Pricing of Approximately $25Million Registered Direct Offering

Urban Tea, Inc. ("Urban Tea" or the "Company") (NASDAQ: MYT), a premier retailer of specialty teas and baked goods headquartered in Hunan, China, announced today that it has entered into a securities purchase agreement with certain accredited investors to sell approximately $25.0 million of its ordinary shares and warrants in a registered direct offering.

Under the terms of the securities purchase agreement, Urban Tea has agreed to sell 6,950,000 ordinary shares and warrants to purchase 6,950,000 ordinary shares. The warrants will be exercisable immediately upon the date of issuance and have an exercise price of $3.60. The warrants will expire five and half years from the date of issuance. The purchase price for one ordinary share and one corresponding warrant will be $3.60. The gross proceeds to Urban Tea are estimated to be approximately $25 million before deducting the placement agent fees and other estimated offering expenses. The Company intends to use the proceeds from the offering in its planned block-chain and cryptocurrency mining operation and for working capital and general corporate purposes.

The registered direct offering is expected to close on or about April 30, 2021, subject to the satisfaction of customary closing conditions.

Maxim Group LLC acted as sole placement agent for the offering.

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