Lizhi Inc. Successfully Closed its $30.0 Million Registered Direct Offering

April 13, 2021

Ying Li

Guillaume de Sampigny

Lizhi Inc. (the “Company”) (NASDAQ: LIZI), 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.

The gross proceeds were $30,000,002 before deducting placement agent fees and other offering expenses. The Company intends to use the proceeds from the offering for the development of its online audio business in both overseas markets and mainland China and other general corporate purposes.

The securities described above were offered by the Company pursuant to a shelf registration statement on Form F-3 (File No.: 333-254782) which was originally filed with the U.S. Securities and Exchange Commission on March 26, 2021 and declared effective on April 2, 2021.

Hunter Taubman Fischer & Li LLC (“HTFL”) acted as counsel to the Company. HTFL is a boutique law firm specializing in corporate, commercial and securities transactions, cross-border financing, immigration and taxation. Our team of lawyers works together so our clients can benefit from astute business experience and sophisticated legal solutions.