TAOP Enters into Consulting Agreement with Great Bay Capital Investment for Blockchain Deployment
Taoping Inc., a provider of internet-based smart display screens, and a new-media ecosystem that enables targeted advertising and online retail, announced that the Company has entered into a consulting agreement with Great Bay Capital Investment Limited.
Pursuant to the Consulting Agreement, TAOP engaged Great Bay as a consultant for a two-year term effective February 19, 2021. Great Bay will provide various consulting services including the following:
- Provide the Company with business development services focused on blockchain and digital assets (such as Bitcoin, Ethereum, etc.) investment opportunities.
- Introduce TAOP to potential investors for strategic investment.
- Introduce potential M&A targets in blockchain industry, and assist TAOP in completing relevant due diligence work and propose M&A plans.
“TAOP started research on applying blockchain technology to Taoping New-media Ecosystem three years ago. In the past three years, we kept upgrading Taoping smart cloud platform and Taoping screens are now available in 211 cities across 26 provinces in China. Also, growing market demand for digital assets such as Bitcoin, maturity of advanced solutions, and improving regulatory clarity present considerable market opportunities. It’s time for TAOP to embrace the opportunities in blockchain industry and digital assets, especially Bitcoin,” said Mr. Jianghuai Lin, Chairman and CEO of TAOP. “We believe Great Bay can help us achieve this goal.”
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In consideration for the services to be provided by Great Bay, the Company agreed to issue to Great Bay a warrant (the “Warrant”) within 7 days after the execution of the Consulting Agreement for the purchase of 1,000,000 ordinary shares of the Company, exercisable at $3.50 per share (subject to adjustment) at any time prior to the 181st calendar day after the date of issuance. The Warrant can only be exercised for cash. The Warrant and its underly ordinary shares will be issued to Great Bay in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended and/or Regulation S promulgated thereunder.