By Chris Wack
Glory Star New Media Group shares were up 17% to 58 cents after the company entered into a share subscription agreement with two new institutional investors for the issuance of 8 million shares at $2.48 a share.
The stock is down 60% in the past 12 months.
The proceeds from the investment will be $20 million.
The purchase price was determined based off of a prior private placement that closed on May 9. The closing of this private placement is expected to be on about Sept. 5.
Write to Chris Wack at [email protected]
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