Gettop Acoustic Co., Ltd. announced a private placement of not more than 51,387,461 A shares at an issue price of CNY 9.73 per share for gross proceeds of not more than CNY 500,000,000 on November 22, 2022. The company has signed share subscription agreement with the investor. The transaction includes participation from existing investor, Wuxi Weigan Semiconductor Co., Ltd. The shares cannot be transferred within 18 months from the issuance closing date.

The transaction has been approved by the board of directors in its 14th Meeting of the 5th Directorate and the 14th Meeting of the 5th Supervisory Board. The transaction is subject to the approvals of the company?s Shareholders and the China Securities Regulatory Commission.