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Pop Culture Group Co., Ltd (NASDAQ:CPOP) announced the completion of a private placement of its ordinary shares, raising gross proceeds of $30.5 million. According to a statement released Wednesday based on a U.S. Securities and Exchange Commission filing, the transaction closed on Tuesday.
The company entered into subscription agreements with 10 investors, who are not residents of the United States and are not classified as “U.S. persons” under Regulation S of the Securities Act of 1933. Under the terms of the agreements, Pop Culture Group sold a total of 50 million Class A ordinary shares at $0.50 per share and 10 million Class B ordinary shares at $0.55 per share.
The shares issued in this private placement are exempt from registration requirements under the Securities Act, as the offering was conducted in accordance with Regulation S. The company’s management has sole discretion over the use of the proceeds from the offering.
Pop Culture Group is incorporated in the Cayman Islands and operates in the amusement and recreation services sector. The company’s principal executive office is located in Xiamen City, Fujian Province, China.
This information is based on a press release statement filed with the SEC.
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