GLOBAL MOFY AI LIMITED Announces $2.5 Million Private Placement Financing
October 15 2024 - 7:30AM
Global Mofy AI Limited (the “Company” or “Global Mofy”) (Nasdaq:
GMM), a generative AI-driven technology solutions provider engaged
in virtual content production and the development of 3D digital
assets for use in the broader digital content industry, today
announced that it has entered into a Securities Purchase Agreement
(the “SPA”) with certain non-U.S. investors (each individually, a
“Purchaser”, and collectively, the “Purchasers”). Pursuant to the
SPA, the Company will sell and issue up to 5,000,000 units (each a
“Unit”, and collectively, the “Units”) to the Purchasers in a
private placement financing transaction (the “Offering”) at an
offering price of $0.50 per unit. Each Unit consists of (i) one
Class A ordinary share, par value $0.000002 per share (the “Class A
Ordinary Share”) (or one pre-funded warrant to purchase one Class A
Ordinary Share (the “Pre-Funded Warrant”)), (ii) two warrants, each
exercisable for one Class A Ordinary Share at an exercise price of
$3.00 per share (each a “Ordinary Warrant”, and collectively, the
“Ordinary Warrants”). The exercise price and number of Class A
Ordinary Share issuable upon exercise of the Ordinary Warrants are
subject to adjustment as described in the Ordinary Share Purchase
Warrant. The Ordinary Warrants will be exercisable upon issuance
and will have a term of 5 years from the issuance date. The gross
proceeds of the Offering are expected to be approximately $2.5
million, before the deduction of customary expenses.
The Company intends to use the net proceeds from the Offering,
together with the Company’s existing cash, cash equivalents, and
marketable securities, to provide financing for its generative AI
platform, general research and development, administrative
expenses, talent acquisition, and working capital needs.
"We believe generative AI represents the future of content
creation, and this funding allows us to accelerate our efforts in
leveraging AI to revolutionize virtual content production," said
Haogang Yang, CEO of Global Mofy. "With the resources secured from
this Offering, we will continue to enhance our generative AI
platform, expand our library of 3D digital assets, and explore new
applications for AI-driven solutions across industries. Our goal is
to lead the next wave of innovation in digital content and provide
cutting-edge solutions that meet the growing demands of the virtual
economy."
The securities described above have not been registered under
the Securities Act of 1933, as amended. Accordingly, these
securities may not be offered or sold in the United States, except
pursuant to an effective registration statement or an applicable
exemption from the registration requirements of the Securities Act.
Global Mofy has agreed to file a registration statement with the
Securities and Exchange Commission (SEC) registering the resale of
the Class A Ordinary Shares and Class A Ordinary Shares issuable
upon the exercise of the Pre-Funded Warrants and the Ordinary
Warrants issued in this Offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall 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 the registration or qualification under the securities laws of
any such jurisdiction.
About Global Mofy AI Limited
Global Mofy AI Limited (Nasdaq: GMM) is a generative AI-driven
technology solutions provider engaged in virtual content
production, and the development of digital assets for the digital
content industry. Utilizing its proprietary "Mofy Lab" technology
platform, which consists of interactive 3D and artificial
intelligence ("AI") technology, the Company creates high-definition
virtual versions of a wide range of physical world objects in 3D
ranging from characters, objects to scenes and more. The digital
assets can be used in different applications, including movies, TV
series, AR/VR, animation, advertising, gaming, and more. Global
Mofy is one of the leading digital asset banks in China, which
consists of more than 100,000 high-precision 3D digital assets. For
more information, please visit www.globalmofy.cn/ or
ir.globalmofy.cn.
Forward-Looking Statement
This press release contains forward-looking statements.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. These forward-looking statements
include, without limitation, the Company's statements regarding the
expected trading of its Ordinary Shares on the Nasdaq Capital
Market and the closing of the Offering. Forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
uncertainties related to market conditions and the completion of
the initial public offering on the anticipated terms or at all, and
other factors discussed in the "Risk Factors" section of the
registration statement filed with the SEC. For these reasons, among
others, investors are cautioned not to place undue reliance upon
any forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
For more information, please contact:
Global Mofy AI Ltd.Investor
Relations Departmentir@mof-vfx.com |
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