Gospell Digital Technology Co., Ltd. announced a private placement in August 26, 2022. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from A shares to not more than 35 specific investors including holding shareholder Weifang Bincheng Investment & Development Co., Ltd. The shares subscribed by returning investor Weifang Bincheng to be issued shall have a hold period of 18 months from closing of the transaction and shares subscribed by other investors must not be transferred within 6 months after the issuance completion date.

The transaction has been approved at the 25th session of the companyÆs 4th directorate, 16th session of the companyÆs 4th supervisory board , and approved authorizing the companyÆs directorate for the transaction. The transaction is still subject to approval from Weifang Sannong Innovation Development Group Co., Ltd. and the internal decision-making authority of the company.