{"id":499884,"date":"2021-06-02T07:36:53","date_gmt":"2021-06-02T11:36:53","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/glory-star-restates-its-2020-financial-results\/"},"modified":"2021-06-02T07:36:53","modified_gmt":"2021-06-02T11:36:53","slug":"glory-star-restates-its-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/glory-star-restates-its-2020-financial-results\/","title":{"rendered":"Glory Star Restates its 2020 Financial Results"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n BEIJING<\/span>, June 2, 2021<\/span> \/PRNewswire\/ — Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory Star<\/span>” or the “Company”), a leading digital media platform and content-driven e-commerce company in China<\/span>, today announced that in response to a statement released by the U.S. Securities and Exchange Commission dated April 12th, 2021<\/span>, the Company has restated its previously issued consolidated financial statements for the year ended December 31, 2020<\/span> to reflect the change in accounting treatment of the private placement warrants issued by the Company (the “Restatement”).\u00a0 <\/p>\n

The impact of the Restatement was an increase in net income of $19.7 million<\/span> for the year ended December 31, 2020<\/span>, an increase in total liabilities of $833,000<\/span> and a corresponding decrease in total equity of $833,000<\/span> as of December 31, 2020<\/span>. As a result, the Company’s net income increased to $49.0 million<\/span> from $26.4 million<\/span> in 2019, representing an increase of 85.4% year over year. The Company’s basic earnings per share increased to $0.91<\/span> from $0.64<\/span> in 2019, representing an increase of 42.2% year over year. The Restatement had no impact on the Company’s cash and cash equivalents, or cash flows from operating, investing and financing activities. Please refer to the Form 20-F\/A (Amendment No.1) at https:\/\/www.sec.gov\/Archives\/edgar\/data\/1738758\/000121390021030062\/f20f2020a1_glorystarnewmedia.htm<\/a>\u00a0for more detailed information.<\/p>\n

\n About Glory Star New Media Group Holdings Limited<\/b>\n <\/p>\n

Glory Star New Media Group Holdings Limited is a leading digital media platform and content-driven e-commerce company in China<\/span>. Glory Star’s<\/span> ability to integrate premium lifestyle content, including short videos, online variety shows, online dramas, live streaming, its Cheers lifestyle video series, e-Mall, and mobile app, along with innovative e-commerce offerings on its platform enables it to pursue its mission of enriching people’s lives. The Company’s large and active user base creates valuable engagement opportunities with consumers and enhances platform stickiness with thousands of domestic and international brands.<\/p>\n

\n Safe Harbor Statement<\/b>\n <\/p>\n

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Such forward-looking states include, but are not limited to, the Company’s ability to develop its online retail and SaaS industry value chains, expand its business relationship with existing clients and continue its business growth trajectory.\u00a0 These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company’s profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.<\/p>\n

\n Contacts<\/b>\n <\/p>\n

Glory Star New Media Group Holdings Limited
Yida Ye<\/span>
Email: yeyida@yaoshixinghui.com<\/a><\/p>\n

ICR LLC.
Robin Yang<\/span>
Tel: +1 (646) 308-0546
Email: gsnm@icrinc.com<\/a><\/p>\n

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/glory-star-restates-its-2020-financial-results-301303808.html<\/a><\/p>\n

SOURCE Glory Star New Media Group Holdings Limited<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire BEIJING, June 2, 2021 \/PRNewswire\/ — Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory Star” or the “Company”), a leading digital media platform and content-driven e-commerce company in China, today announced that in response to a statement released by the U.S. Securities and Exchange Commission dated April 12th, 2021, the Company has restated its previously issued consolidated financial statements for the year ended December 31, 2020 to reflect the change in accounting treatment of the private placement warrants issued by the Company (the “Restatement”).\u00a0 The impact of the Restatement was an increase in net income of $19.7 million for the year ended December 31, 2020, an increase in total liabilities of $833,000 and a corresponding decrease … <\/p>\n

Continue reading “Glory Star Restates its 2020 Financial Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-499884","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nGlory Star Restates its 2020 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/glory-star-restates-its-2020-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Glory Star Restates its 2020 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire BEIJING, June 2, 2021 \/PRNewswire\/ — Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory Star” or the “Company”), a leading digital media platform and content-driven e-commerce company in China, today announced that in response to a statement released by the U.S. Securities and Exchange Commission dated April 12th, 2021, the Company has restated its previously issued consolidated financial statements for the year ended December 31, 2020 to reflect the change in accounting treatment of the private placement warrants issued by the Company (the “Restatement”).\u00a0 The impact of the Restatement was an increase in net income of $19.7 million for the year ended December 31, 2020, an increase in total liabilities of $833,000 and a corresponding decrease … Continue reading "Glory Star Restates its 2020 Financial Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/glory-star-restates-its-2020-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-02T11:36:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN97923&sd=2021-06-02\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/glory-star-restates-its-2020-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/glory-star-restates-its-2020-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Glory Star Restates its 2020 Financial Results\",\"datePublished\":\"2021-06-02T11:36:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/glory-star-restates-its-2020-financial-results\\\/\"},\"wordCount\":647,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/glory-star-restates-its-2020-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=CN97923&sd=2021-06-02\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/glory-star-restates-its-2020-financial-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/glory-star-restates-its-2020-financial-results\\\/\",\"name\":\"Glory Star Restates its 2020 Financial Results - 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