Glory Star Restates its 2020 Fiscal Results

BEIJING, June 2, 2021 /PRNewswire/ — Glory Star New Media Group Holdings Constrained (NASDAQ: GSMG) (“Glory Star” or the “Enterprise”), a top electronic media platform and articles-driven e-commerce firm in China, now declared that in response to a statement introduced by the U.S. Securities and Trade Fee dated April 12th, 2021, the Enterprise has restated its earlier issued consolidated fiscal statements for the yr ended December 31, 2020 to reflect the alter in accounting treatment of the non-public placement warrants issued by the Firm (the “Restatement”). 

The impression of the Restatement was an maximize in web cash flow of $19.7 million for the year finished December 31, 2020, an boost in whole liabilities of $833,000 and a corresponding minimize in whole fairness of $833,000 as of December 31, 2020. As a consequence, the Firm’s net earnings improved to $49. million from $26.4 million in 2019, symbolizing an maximize of 85.4{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} 12 months above calendar year. The Firm’s basic earnings for every share greater to $.91 from $.64 in 2019, representing an improve of 42.2{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} 12 months above yr. The Restatement had no effect on the Company’s money and money equivalents, or cash flows from running, investing and funding pursuits. Remember to refer to the Variety 20-F/A (Modification No.1) at https://www.sec.gov/Archives/edgar/info/1738758/000121390021030062/f20f2020a1_glorystarnewmedia.htm for more comprehensive information.

About Glory Star New Media Group Holdings Minimal

Glory Star New Media Group Holdings Constrained is a leading digital media platform and content-pushed e-commerce firm in China. Glory Star’s capability to integrate premium life-style written content, like shorter movies, on-line wide variety demonstrates, on-line dramas, live streaming, its Cheers way of life online video sequence, e-Mall, and mobile app, together with revolutionary e-commerce offerings on its platform enables it to pursue its mission of enriching people’s life. The Company’s big and energetic consumer foundation makes beneficial engagement possibilities with buyers and improves system stickiness with 1000’s of domestic and intercontinental makes.

Safe Harbor Statement

Certain statements manufactured in this launch are “ahead seeking statements” inside the which means of the “safe harbor” provisions of the United States Non-public Securities Litigation Reform Act of 1995. When used in this push launch, the phrases “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “ideas,” “intends,” “believes,” “seeks,” “may perhaps,” “will,” “should,” “long run,” “suggest” and variations of these text or related expressions (or the damaging variations of this kind of terms or expressions) are supposed to identify forward-looking statements. This kind of ahead-wanting states contain, but are not confined to, the Firm’s capability to develop its on the net retail and SaaS sector benefit chains, extend its organization partnership with existing purchasers and go on its enterprise progress trajectory.  These forward-on the lookout statements are not ensures of upcoming efficiency, circumstances or benefits, and involve a selection of identified and unidentified challenges, uncertainties, assumptions and other crucial aspects, lots of of which are outside the house the Firm’s control, that could bring about genuine success or outcomes to vary materially from those talked over in the ahead-wanting statements. Significant things, among many others, are: the capacity to control development means to recognize and combine other foreseeable future acquisitions skill to obtain more funding in the long run to fund funds expenditures fluctuations in basic financial and organization ailments fees or other factors adversely affecting the Company’s profitability litigation involving patents, mental house, and other matters prospective modifications in the legislative and regulatory environment a pandemic or epidemic. The forward-on the lookout statements contained in this launch are also subject matter to other threats and uncertainties, which includes people extra thoroughly described in the Firm’s filings with the Securities and Exchange Commission. The Firm undertakes no obligation to update or revise any forward-searching statements, irrespective of whether as a outcome of new information, future situations or in any other case, other than as needed by applicable law. This sort of information and facts speaks only as of the date of this release.

Contacts

Glory Star New Media Team Holdings Confined
Yida Ye
Email: [email protected]

ICR LLC.
Robin Yang
Tel: +1 (646) 308-0546
E mail: [email protected]

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