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SHENZHEN, China, Oct. 29, 2019 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP, the “Company”), a leading provider of internet-based smart display screens, and a new-media ecosystem that enable targeted advertising and online retails, today announced the closing of its previously announced convertible note transaction pursuant to a securities purchase agreement (the “Purchase Agreement”) signed with an investor (the “Investor”) on September 30, 2019.
The Company issued to the Investor a $1,040,000 principal amount of 5% Convertible Promissory Note (the “Note”) and warrants to purchase 160,000 ordinary shares at $1.5 per share within three years, for a purchase price of $1,000,000. As previously disclosed, the Note matures in 12 months from the issue date, bearing interest at a rate of 5.0% per annum and the outstanding balance of the Note may be converted into the Company’s ordinary shares at different prices under various circumstances.
The Note, warrants and the securities issuable upon conversion or exercise thereof are offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) and have not been registered under the Securities Act or applicable state securities law. The Company expects to use the net proceeds from the transaction to support its market expansion.
“We appreciate the Investor’s confidence in our management team and our growth strategy," said Mr. Jianghuai Lin, Chairman and CEO of TAOP.
About Taoping Inc.
Taoping Inc. (formerly known as China Information Technology, Inc.) (TAOP), is a leading provider of smart display terminals for targeted advertising and online retails. The Company provides the integrated end-to-end digital advertising solutions enabling customers to distribute and manage ads on cloud-based ad display screens. Connecting owners of Taoping screens, advertisers and consumers, it builds up a resource sharing "Smart IoT Screen Network- Taoping App - Taoping Go (e-Store)" media ecosystem to ultimately achieve the mission "our technology makes advertising and branding affordable and effective for everyone." To learn more, please visit http://www.taop.com/.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of Taoping Inc., and its subsidiaries and other consolidated entities. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminologies such as "believes", "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company and its subsidiaries and other consolidated entities or persons acting on their behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For further information, please contact:
Dragon Gate Investment Partners LLC