Color Star Technology Co., Ltd. announces the conclusion of an agreement for
Registered direct placement of approximately $ 22.1 million of common shares and warrants

New York, September 24, 2021 – Color Star Technology Co., Ltd. (“Color Star” or the “Company”) (NASDAQ: CSCW), an entertainment technology company with a global network focused on the application of technology and intelligence (AI) in the entertainment industry, has announced today that it has entered into a securities purchase agreement with certain institutional investors for a registered direct offering of ordinary shares and warrants. Each unit consists of one common share and one warrant to purchase 0.7 common share. The purchase price per unit is $ 0.70. The gross proceeds from the sale of the securities, before deducting the estimated sales agent fees and other offering fees payable by the Company, will be approximately $ 22.1 million. The Company will issue to investors a total of 31,624,924 common shares and warrants to purchase a total of 22,137,448 common shares. The Company will also issue a purchase warrant for 948,747 Common Shares to the Selling Agent. Investor Warrants and Selling Agent Warrants may initially be exercised at $ 1.00 per share.

The net proceeds of this offering will be used for general corporate and working capital purposes. The placement is expected to take place on or around September 28, 2021, subject to the satisfaction of customary closing conditions.

FT Global Capital, Inc. is acting as the exclusive placement agent in connection with the offer.

The titles described above are offered by Color Star. in accordance with a registration statement on Form F-3 (File No. 333-236616) which was previously filed with the Securities and Exchange Commission (SEC) and declared effective on March 10, 2020. These common shares and warrants may be offered only by way of a prospectus, including a prospectus supplement. A prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy such securities, and there will be no sale of such securities, in any state or other jurisdiction in which such an offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of any such state or other jurisdiction.

For more information on this transaction, please see Form 6-K to be filed with the SEC.

About Color Star Technology

Color Star Technology Co, Ltd. (Nasdaq CM: CSCW) is an entertainment and education company providing online entertainment shows and online music education services. Its business activities are conducted through its wholly owned subsidiaries Color China Entertainment Ltd. and CACM Group NY, Inc. The Company’s online education is provided through its Color World music education and entertainment platform. More information about the Company can be found at www.colorstarinternational.com.

Forward-looking statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, and assumptions underlying statements and other statements that are other than statements of historical fact. When the Company uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate” or similar phrases that do not relate solely to historical matters, it makes forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties which may cause actual results to differ materially from the expectations of the Company discussed in the forward-looking statements. These statements are subject to uncertainties and risks, including, but not limited to, the following: the objectives and strategies of the Company; the future business development of the Company; demand and acceptance of products and services; technological changes; economic conditions; the growth of the education and training services market in China and other countries where CSCW operates; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing risks and other risks contained in the reports filed by the Company with the Securities and Exchange Commission. For these and other reasons, investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Additional factors are discussed in documents filed by the Company with the United States Securities and Exchange Commission, which can be viewed at www.sec.gov. The Company assumes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof, unless required by applicable laws, regulations or rules.

For more information please contact:

Guillaume Tu

Skyline Corporate Communications Group, LLC

One Rockefeller Plaza, 11th Floor

New York, New York 10020

Office: (646) 893-5835

Email: [email protected]