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Color Star prices initial $7M tranche of senior secured convertible notes

Color Star Technology announced it has entered into securities purchase agreements with certain institutional investors to purchase senior secured convertible notes in the aggregate principal amount of $7.6 million having an original issue discount of 8% and a maturity of twelve months from issuance, resulting in net proceeds to the Company of approximately $7,000,000. The Convertible Notes will bear an interest rate of 6.0% per annum and will be convertible 45 days after the date of the First Closing, subject to certain conditions, into Class A Ordinary Shares of the Company at an initial conversion price equal to the lower of $1.60, or the Alternative Conversion Price, as set forth in the Convertible Notes. This First Closing is expected to occur on or about September 30, 2024, subject to the satisfaction of customary closing conditions. Under the terms of the securities purchase agreements, the Convertible Notes will be issued to the Investors, together with registered warrants to purchase up to an aggregate of approximately 2.9 million Ordinary Shares. The warrants to be issued at the First Closing will be exercisable 45 days after issuance, subject to certain conditions will expire on the five-year anniversary of the Initial Exercise Date, and will have an exercise price of $1.60 per share and contain certain anti-dilution provisions. Maxim Group LLC is acting as the sole placement agent in connection with the offering.

Color Star Technology enters strategic cooperation agreement with Zero2one

Color Star Technology has signed a non-binding framework strategic cooperation agreement with Zero2one Consultancy. This agreement creates a framework of planned operations and marks the commencement of the cooperation between the two parties in jointly promoting the innovative development of education, culture and sports undertakings in the United Kingdom. Zero2one Consultancy Ltd., is an investment company located in the heart of London's business district, providing investment consulting and management services with a deep insight into the education investment sector. Zero2one stands at the forefront of the industry, accurately grasping the market dynamics, to provide investors with efficient and professional services. The planned cooperation with Color Planet is expected to further leverage Zero2one's strengths in the field of education investment, and jointly explore the business opportunities hidden within the UK education market. Both parties plan to invest in cutting-edge areas such as youth football training camps and artist incubation programs, aiming to cultivate more young talents with potential and provide solid support for their growth and success. Looking ahead, the two parties plan to set up training bases in various locations in the UK to provide the youth with richer and more diversified learning opportunities through the introduction of advanced teaching concepts and methods, combined with localized practical exploration. The establishment of these training bases will not only promote the prosperous development of the UK education market, but also inject new vitality into the development of global youth education and sports and culture.