 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. 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 in total equity of 833,000 as of December 31, 2020. 