Lizhi Inc. announces closing of $30.0 million registered direct offering

LIZHI INC. ("LIZHI" or the "Company"), a leading online UGC audio community and interactive audio entertainment platform in China, today announced that it has closed its previously announced registered direct offering of 3,685,504 of the Company's American Depositary Shares (the "ADSs") and warrants to purchase up to 2,764,128 ADSs, at a purchase price of US$8.14 per ADS and corresponding warrant. Each ADS represents 20 Class A ordinary shares, par value US$0.0001 per share.

Kingswood Capital Markets, division of Benchmark Investments, Inc. acted as the exclusive placement agent in connection with this offering.