GD Culture Group announces PIPE of approximately $5.5M

Culture Group Limited, and its subsidiary, AI Catalysis Corp., announced the signing of private placement on May 2 with several purchasers for the purchase an aggregate of 1,115,600 shares of the company’s common stock, par value $0.0001 per share at a purchase price of 52.4c per share in the Offering, and pre-funded warrants to purchase up to an aggregate of 9,380,582 shares of Common Stock at a purchase price of 52.3c per Pre-Funded Warrant in the Offering. The Pre-Funded Warrants are first exercisable the date on which the Company obtains stockholder approval approving the exercise of the Pre-Funded Warrants. The aggregate gross proceeds to the Company are expected to be approximately $5.5M. The company intends to use the net proceeds from the Offering for working capital purposes. Univest Securities, LLC is acting as the sole placement agent.