GLOBAL MOFY AI LIMITED Announces Closing of $2.5 Million Private Placement Financing

GLOBAL MOFY AI LIMITED Announces Closing of $2.5 Million Private Placement Financing

Benzinga
November 6, 2024

BEIJING, Nov. 06, 2024 (GLOBE NEWSWIRE) -- 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 the successful closing of its previously announced private placement financing (the "Offering") on October 31, 2024. In connection with the closing of the Offering, the Company issued an aggregate of 5,000,000 Class A ordinary shares, par value $0.000002 per share (each an "Class A Ordinary Share"), and 10,000,000 warrants (each a "Warrant"), each to purchase one Class A Ordinary Share at an exercise price of $3.00 per share, subject to adjustment, pursuant to the securities purchase agreement dated October 13, 2024, as amended on October 31, 2024, by and between the Company and each investor. The Warrants are exercisable upon issuance and will have a term of 5 years from the issuance date.

The Company received gross proceeds of approximately $2.5 million from the Offering, before deducting customary transaction costs and expenses. These funds will be strategically utilized to support the development of the Company's generative AI platform, drive research and development initiatives, bolster administrative operations, facilitate talent acquisition, and satisfy working capital needs.

"We are excited to complete this financing round, which marks an important step in our mission to lead the generative AI-driven transformation in the digital content sector," said Haogang Yang, CEO of Global Mofy. "This funding ...

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