Datasea Inc. (DTSS) Prices 692K Share Offering at $3.25/sh

Datasea Inc., (NASDAQ: DTSS) ("Datasea" or the "Company"), a Nevada corporation engaged in innovative businesses in high-tech intelligent acoustics and 5G-Artificial Intelligence ("AI") multimodal communication technology in the United States and China, today announced that it entered into a share purchase agreement with a certain institutional investor to purchase 692,308 shares of its common stock (or common stock equivalents in lieu thereof) at an offering price of $3.25 per share of common stock (or common stock equivalents in lieu thereof) in a registered direct offering. The offering is expected to close on or about July 3, 2024, subject to satisfaction of customary closing conditions.

Datasea intends to use the net proceeds from the offering for research and development, market development and for general corporate purposes.

EF Hutton LLC is acting as the exclusive placement agent for the offering.

The securities described above are being offered by the Company pursuant to a shelf registration statement on Form S-3 (File No. 333-272889), which was declared effective by the Securities and Exchange Commission ("SEC") on July 21, 2023, and the accompanying prospectus contained therein. A final prospectus supplement containing additional information relating to the offering will be filed with the SEC. Copies of the prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, on the SEC's website at http://www.sec.gov or by contacting EF Hutton LLC Attention: Syndicate Department, 590 Madison Avenue, 39th Floor, New York, NY 10022, by email at [email protected], or by telephone at (212) 404-7002.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the offering, nor shall there be any sale of these 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 any such state or jurisdiction.

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