MUMBAI, INDIA, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Lytus Technologies Holdings PTV. Ltd. (the “Company”) (NASDAQ:LYT), a platform technology services company with nearly eight million users and with operations in the United States and India, announced today that it closed on a funding round with an institutional investor involving the issuance of notes and warrants, resulting in gross proceeds of $3 million.
Lytus Technologies Holdings PTV. Ltd. provides content streaming/telecasting services to users in India. The company operates through two segments, cable business and telemedicine services. The company offers subscription-based video services and internet services to customers throughout India comprising 450 linear channels, as well as educational channels customized for local educational boards for schools.
“We have been incredibly fortunate to work with some of the most dynamic treasury teams and underwriters” said Dharmesh Pandya Founder and CEO of Lytus Technologies. “This successful round of fundraising, on the heels of our successful IPO earlier this year, substantiates the faith that investors have in our business model. With this additional infusion of funds into the business, over the next several months Lytus will be able to upgrade the technology services for its streaming and telemedicine businesses whilst expanding its customer base.”
Spartan Capital Securities, LLC acted as exclusive placement agent for the offering.
The notes and warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act"), and Regulation D promulgated thereunder and, along with the common shares underlying the notes and warrants, have not been registered under the Act, or applicable state securities laws. Accordingly, the notes, warrants and underlying common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Lytus Technologies, Inc.
Lytus Technologies Holdings PTV. Ltd. is a growing platform services company that currently has eight million active users located all across India. The Company’s business model consists primarily of distribution of linear content streaming/telecasting services and development of telemedicine products. The Company’s platform provides customers with a one-stop site with access to all of the services provided by the Company. Additional information regarding the Company may be found on its website at www.lytuscorp.com.
Forward-Looking Statements
Statements in this press release regarding the Company that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not directly or exclusively relate to historical facts. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “predicts,” “potential,” or the negative of those terms, and similar expressions and comparable terminology. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these expectations may not be achieved. Forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to known and unknown risks, uncertainties and other factors outside of our control that could cause our actual results, performance or achievement to differ materially from those expressed or implied by these forward-looking statements.