Pop Culture Group Co., Ltd Announces Closing of Initial Public Offering

XIAMEN, China, July 2, 2021 /PRNewswire/ – Pop Culture Group Co., Ltd (the “Company”) (Nasdaq: CPOP), a hip-pop culture company in China, today announced the closing of its initial public offering (the “Offering”) of 6,200,000 Class A Ordinary Shares at a public offering price of US$6.00 per share.

The Company received aggregate gross proceeds of US$37.2 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company granted the underwriters a 45-day option to purchase up to an additional 930,000 Class A Ordinary Shares at the public offering price, less underwriting discounts. The Class A Ordinary Shares began trading on the Nasdaq Global Market on June 30, 2021 under the ticker symbol “CPOP.”

Proceeds from the Offering will be used to develop and operate online content, develop a street dance training business, create derivative works of hip-hop intellectual properties, and develop hip-hop events, and for working capital and other general corporate purposes.

The Offering was conducted on a firm commitment basis. Network 1 Financial Securities, Inc. and Valuable Capital Limited acted as the underwriters for the Offering. Hunter Taubman Fischer & Li LLC acted as counsel to the Company, and VCL Law LLP acted as counsel to the underwriters in connection with the Offering.

A registration statement on Form F-1 relating to the Offering was filed with the Securities and Exchange Commission (the “SEC”) (File Number: 333-253777) and was declared effective by the SEC on June 29, 2021, and a registration statement filed pursuant to Rule 462(b) (File No. 333-257541), which increased the number of registered shares from 7,320,000 to 7,564,000, became effective upon filing with the SEC. The Offering was made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Network 1 Financial Securities, Inc. by email at jsun@netw1.com, by calling +1 (800)-886-7007, or by standard mail to Network 1 Financial Securities, Inc., 2 Bridge Avenue, Suite 241 Red Bank, NJ 07701. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.