Benzinga | Mar 18, 2021 01:13PM EDT

Baosheng Media To Raise $10M For Blockchain And Cryptocurrency Spending

* China's online marketing solution provider Baosheng Media Group Holdings Ltd (NASDAQ: BAOS), inked an agreement with two investors, including an Ebang International Holdings Inc (NASDAQ: EBON) subsidiary, to sell 1.96 million shares to raise $10 million.

* The company also offered a warrant to purchase one half of one share at an exercise price of $5.61.

* The company plans to utilize the offering proceeds for blockchain-based marketing activities and cryptocurrency-associated business.

* Baosheng Media plans to accept Bitcoin and other cryptocurrencies for future advertising business, including cryptocurrency investment, implementation of blockchain technology application, and creation of a potential real-time blockchain-based advertising exchange or trading platform.

* Price action: BAOS shares traded lower by 1.19% at $7.03 on the last check Thursday.