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BEIJING, Oct. 21, 2024 /PRNewswire/ -- Datasea Inc. (NASDAQ: DTSS) ("Datasea" or the "Company"), a Nevada-based digital technology company focused on innovative high-tech acoustics and 5G AI multimodal digital technology, today announced that, as of October 15, 2024, the Company closed its Regulation S offering (the "Offering") with three investors, including its two largest shareholders, the Company's CEO and Director, pursuant to which the Company sold the investors an aggregate of 1,932,224 shares of its common stock (the "Shares"). The purchase price for the Shares was $2.06 per share, which was equal to the closing price of the Company's common stock on The Nasdaq Capital Market on September 26, 2024, the date on which the binding subscription agreements had been entered into by the parties. The investors have agreed to hold the shares for a period of no less than 180 days.
The investors in the Offering include two members of the Company's management, who are also major shareholders, reflecting their strong confidence in the Company's future development. The funds raised, in the amount of approximately $4.0 million, will primarily be used to support the Company's future business operations, including investments in acoustic high-tech related products design upgrade, working capital for mass production and on-line sales, acquiring intellectual property and working capital for the promotion and sales of 5G AI multimodal digital business products.
Ms. Zhixin Liu, CEO of Datasea stated, "We are pleased to receive support from our major shareholders, which not only enhances market confidence in our development but will also help us accelerate the achievement of our strategic goals."
About Datasea Inc.
Datasea is a leading provider of products, services, and solutions for enterprise and retail customers in two innovative industries, acoustic high tech and 5G-AI multimodal digitalization. The Company's advanced R&D technology serves as the core infrastructure and backbone for its products. Its 5G multimodal communication segment operates on a cloud platform based on AI. Datasea leverages cutting-edge technologies, precision manufacturing and ultrasonic, infrasound and directional sound technology in its acoustics business to combat viruses and prevent human infections, and it is also developing applications in medical ultrasonic cosmetology. In July 2023, Datasea established a wholly-owned subsidiary, Datasea Acoustics LLC, in Delaware, in a strategic move to enter the U.S. markets and to mark its global expansion plan. For additional information, please visit www.dataseainc.com.