Scienjoy announces closing of $30 million common stock purchase transaction with White Lion Capital

Scienjoy Holding Corporation ("Scienjoy" or the "Company") (NASDAQ: SJ), a leading live entertainment mobile streaming platform in China, today announced that it has closed the transaction in accordance with a Common Stock Purchase Agreement (the "Purchase Agreement") it has entered with White Lion Capital, LLC, a Nevada limited liability company (the "White Lion Capital"). The Purchase Agreement provides that White Lion Capital is committed to purchase the Company's Ordinary Shares with an aggregate offering price of up to $30,000,000 ("Commitment Amount") from time to time during the Commitment Period, which starts on the date of the filing of the initial registration statement covering the resale of securities issued under the Purchase Agreement, and shall terminate on the six month anniversary of the filing of such initial registration statement and terms as specified in the agreement. The Company intends to use the net proceeds from this transaction for the expansion of working capital, supporting the operations of BeeLive International and other general corporate purposes.

Under the Purchase Agreement, on any trading day selected by the Company, the Company has the right, but not the obligation, to present White Lion Capital with a purchase notice, directing White Lion Capital (as principal) to purchase up to a certain amount shares of the Company's Ordinary Shares ("Purchase Notice") at a certain price as defined in the agreement. Notwithstanding the foregoing, the Company and White Lion Capital may elect a negotiated fixed purchase at a certain volume and price at any time during the Commitment Period by mutual consent ("Fixed Purchase Notice").

White Lion Capital has no right to require any sales by the Company, but is obligated to make purchases from the Company as the Company directs in accordance with the Purchase Agreement. For more details, please refer to the Company's Current Report on Form 6-K filed with the Securities Exchange Commission on February 23, 2021, at https://www.sec.gov/.

Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, "We are pleased to announce the closing of the purchase agreement with White Lion Capital as it once again demonstrates the strong vote of confidence we are receiving from investors. Importantly, this transaction marks our first capital raise since becoming a public company last year and therefore demonstrates both the validity of our business model as well as our positive long-term outlook. Looking ahead, we remain focused on laying the foundation for continuous development by diversifying our product offerings, bolstering our technological capabilities, enlarging our customer base, and increasing our global footprints. We believe that such efforts alongside our commitment to developing a fully integrated live streaming ecosystem in the fields of entertainment, e-commerce, and MCN, will help to augment our business sustainability and generate lasting shareholder value."