Datasea Inc. seals major share purchase agreement with investor

Datasea Inc., a technology company traded on NASDAQ under the symbol DTSS, has recently concluded a significant share purchase agreement with an institutional investor. The agreement involves the sale of 692,308 shares of common stock at $3.25 per share, with the transaction set to close around July 3, 2024. The company intends to use the proceeds from this sale for research and development, market expansion, and general operational purposes.

EF Hutton LLC is overseeing this offering as the exclusive placement agent. The securities are being offered under a shelf registration statement on Form S-3, which received SEC approval in July 2023. A prospectus supplement containing more information will be submitted to the SEC for interested parties.

Specializing in high-tech intelligent acoustics and 5G-Artificial Intelligence (AI) multimodal communication technologies, Datasea Inc. focuses its research and development on ultrasonic, infrasound, and directional sound technology. These technologies find applications in sterilization, virus prevention, and medical cosmetology. In a strategic move to enhance its global presence, Datasea established a subsidiary, Datasea Acoustics LLC, in Delaware in 2023.

As a prominent provider of cutting-edge solutions in intelligent acoustics and 5G multimodal communication, Datasea is dedicated to delivering innovative products and services to enterprise and retail customers. The company's advanced R&D technology underpins its product offerings, particularly in AI-based cloud platforms for 5G communication.

The press release includes forward-looking statements outlining the company's expectations regarding the offering's closure, the utilization of proceeds, and other operational aspects. Datasea recognizes the risks associated with such statements and underscores its commitment to regulatory compliance and transparent communication.

For more information on Datasea Inc. and its groundbreaking solutions, please visit the official website at www.dataseainc.com. Investors seeking additional details can contact the company's investor relations team via email at investorrelations@shuhaixinxi.com or sunhezhi@shuhaixinxi.com.

Datasea Inc.'s recent share purchase agreement marks a significant milestone for the company as it continues to innovate in the field of intelligent acoustics and 5G-AI communication technologies. With a focus on research and development, market expansion, and operational efficiency, Datasea is poised for further growth and success in the tech industry.