Baosheng Media Group Holdings Limited Announces Full Exercise of Underwriters’ Over-Allotment Option

Beijing, China, March 03, 2021 (GLOBE NEWSWIRE) -- Baosheng Media Group Holdings Limited (the “Company”) (Nasdaq: BAOS), a China-based online marketing solution provider, today announced the underwriters of its initial public offering ("Offering") have exercised in full their option to purchase an additional 900,000 ordinary shares at a public offering price of $5.00 per share to cover overallotments. Gross proceeds of the Company's initial public offering, including the exercise of the overallotment, totaled $34.5 million, before deducting underwriting discounts and other related expenses. The ordinary shares began trading on the Nasdaq Capital Market on February 8, 2021 under the ticker symbol “BAOS”.

Proceeds from the Offering will be used for expanding the Company’s business scale and securing authorized agency status of additional media, building its own network of key opinion leaders, expanding its manpower and talent pool, and for general working capital purposes.

The Offering was conducted on a firm commitment basis. Univest Securities, LLC acted as the representative of the underwriters and sole book-running manager for the Offering. Hunter Taubman Fischer & Li LLC acted as counsel to the Company, and Ortoli Rosenstadt LLP acted as counsel to Univest Securities, LLC in connection with the Offering.

A registration statement on Form F-1 relating to the Offering was filed with the Securities and Exchange Commission (“SEC”) (File Number: 333-239800) and was declared effective by the SEC on February 5, 2021, and a registration statement filed pursuant to Rule 462(b) (File No. 333- 252826) which increased the number of registered shares from 5,000,000 to 6,000,000 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 Univest Securities, LLC, by email at [e-mail] or standard mail to Univest Securities, LLC, Attn: 375 Park Avenue, 15^th Floor, New York, NY 10152. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov.