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Datasea Announces Pricing of $8.48 Million Registered Direct Offering
[July 20, 2021]

Datasea Announces Pricing of $8.48 Million Registered Direct Offering


BEIJING, July 20, 2021 (GLOBE NEWSWIRE) -- Datasea Inc. (NASDAQ: DTSS) ("Datasea"), a technology company engaged in providing smart security solutions, smart hardware and education-related technologies in China, announced today that it has entered into definitive agreements with certain institutional investors for a registered direct offering of securities with gross proceeds of $8,480,425.92, before payment of commissions and expenses. The closing of the offering is expected to take place on or about July 22, 2021, subject to the satisfaction of customary closing conditions.

In connection with the offering, the Company will issue 2,436,904 shares of common stock in a registered offering, at a purchase price of $3.48 per share. Concurrently in a private placement, for each common share purchased by an investor, such investor will receive from the Company 0.45 unregistered warrants to purchase one common share each. The warrants have an exercise price of $4.48 per share, will be exercisable on the date of issuance, and will expire two and one-half years from the date of issuance.

The Company plans to use the net proceeds from the offering for general corporate and working capital purposes and repayment of debt.

FT Global Capital, Inc. acted as the exclusive placement agent for the offerings.

The offering of the shares of common stock described above (but not the warrants or the shares of common stock underlying the warrants) is being made pursuant to an effective "shelf" registration statement on Form S-3 (File No. 333-239183), as amended, that was previously filed with the Securities and Exchange Commission ("SEC") and declared effective by the SEC on June 25, 2020. The offering will be made only by means of a prospectus supplement and accompanying prospectus. A final prospectus supplement and accompanying prospectus related to the offering will be filed with the SEC and will be available on the SEC's website located at ttp://www.sec.gov. The Warrants being offered in the concurrent private placement, along with the underlying common stock, have not been registered under the Securities Act of 1933, as amended (the "Securities Act") and are being offered and sold pursuant to an exemption from the registration requirements of Section 5 of the Securities Act contained in Section 4(a)(2) thereof and/or Regulation D promulgated thereunder.



This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Datasea Inc.


Datasea is a technology company in China engaged in providing smart security solutions, smart hardware and developing education-related technologies. Datasea leverages its proprietary technologies, intellectual property, innovative products and market intelligence to provide comprehensive and optimized security solutions and education related technologies to its clients. Datasea has been certified as one of the High Tech Enterprises (jointly issued by the Beijing Science and Technology Commission, Beijing Finance Bureau, Beijing State Taxation Bureau and Beijing Local Taxation Bureau) and one of the Zhongguancun High Tech Enterprises (issued by the Zhongguancun Science Park Administrative Committee) in recognition of the company’s achievement in high technology products. For additional company information, please visit: www.dataseainc.com

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook," “objective” and similar terms. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and which are beyond Datasea's control, which may cause Datasea's actual results, performance or achievements (including the RMB/USD value of its anticipated benefit to Datasea as described herein) to differ materially and in an adverse manner from anticipated results contained or implied in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in Datasea's filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov. Datasea does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

Investor and Media Contact:
International Elite Capital Inc.
Vicky Chueng
Telephone: +1(646) 866-7989
Email: Datasea@iecapitalusa.com


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