EX-5.1 4 ea180838ex5-1_colorstartech.htm OPINION OF CONYERS DILL & PEARMAN LLP

Exhibit 5.1

 

   

CONYERS DILL & PEARMAN LLP

 

SIX, 2nd Floor, Cricket Square

PO Box 2681, Grand Cayman KY1-1111

Cayman Islands

T +1 345 945 3901

conyers.com

 

22 June 2023

 

711632.22837753
1-345-814-7786
cora.miller@conyers.com

 

Color Star Technology Co., Ltd.

800 3rd Ave, Suite 2800

New York, NY

USA 10022

 

Dear Madams and Sirs:

 

Re: Color Star Technology Co., Ltd. (the “Company”)

 

We have acted as special Cayman Islands legal counsel to the Company in connection with the Company’s resale registration statement on Form F-3 (File No. 333- ) (as amended, the “Registration Statement”) and preliminary prospectus annexed thereto (the “Prospectus”) (which terms do not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto) to be filed by the Company with the United States Securities and Exchange Commission (the “Commission”) relating to the registration under the US Securities Act of 1933 (as amended) (the “Securities Act”) of a prospectus filed with the Commission on 21 June 2023 relating to the offering and sale (the “Offering”) by the selling shareholders (the “Selling Shareholders”) of an aggregate of 4,200,000 Class A ordinary shares of the Company, par value US$0.04 each (the “Ordinary Shares”), pursuant to a copyright acquisition agreement dated 27 March 2023 by and among the Company, Nine Star Parties and Entertainment LLC and Color Star DMCC and certain advisory agreements dated 27 March 2023 made between the Company and the selling shareholders party thereto (collectively, the “Agreements”). The Shares are hereinafter collectively referred to as the “Securities”.

 

1.DOCUMENTS REVIEWED

 

For the purposes of giving this opinion, we have examined and relied upon a copy of the following documents:

 

1.1.the Registration Statement;

 

1.2.the Prospectus; and

 

1.3.the Agreements.

 

 

 

The documents listed in items 1.1 through 1.3 above are herein sometimes collectively referred to as the “Transaction Documents” (which terms do not include any other instrument or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto).

 

We have also reviewed:

 

1.4.a copy of the Certificate of Incorporation dated 28 June 2018, the Certificate of Incorporation on Change of Name dated 12 July 2019, the Certificate of Incorporation on Change of Name dated 1 May 2020, the Fourth Amended and Restated Memorandum and Articles of Association of the Company approved by special resolution passed on 26 August 2022, each certified by the Secretary of the Company on 2 June 2023 (collectively, the “Constitutional Documents”);

 

1.5.a copy of unanimous written resolution of the directors of the Company dated 14 June 2023 and 27 March 2023 (collectively, the “Resolutions”);

 

1.6.a copy of a Certificate of Good Standing (the “Good Standing Certificate”) issued by the Registrar of Companies in relation to the Company on 2 June 2023 (the “Certificate Date”);

 

1.7.a copy of a certificate of incumbency of the Company issued by Conyers Corporate Services (Cayman) Limited dated 21 June 2023 (the “Incumbency Certificate” and together with the Constitutional Documents, the Good Standing Certificate and the Resolutions, the “Corporate Documents”);

 

1.8.the results of our electronic searches against the Company at the Registrar of Companies conducted on 2 June 2023 and the electronic Register of Writs and other Originating Process of the Grand Court of the Cayman Islands conducted on 2 June 2023; and

 

1.9.such other documents and made such enquiries as to questions of law as we have deemed necessary in order to render the opinion set forth below.

 

2.ASSUMPTIONS

 

We have assumed:

 

2.1.the genuineness and authenticity of all signatures and the conformity to the originals of all copies (whether or not certified) examined by us and the authenticity and completeness of the originals from which such copies were taken;

 

2.2.the accuracy and completeness of all factual representations made in the Resolutions and Transaction Documents and other documents reviewed by us;

 

2.3.that the Resolutions were passed at one or more duly convened, constituted and quorate meetings or by unanimous written resolutions, remain in full force and effect and have not been rescinded or amended;

 

2.4.that there is no provision of the law of any jurisdiction, other than the Cayman Islands, which would have any implication in relation to the opinions expressed herein;

 

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2.5. that the Company will issue the Securities pursuant to the Transaction Documents and in furtherance of its objects as set out in its Constitutional Documents;

 

2.6. that the Constitutional Documents will not be amended in any manner that would affect the opinions set forth herein;

 

2.7. that, upon the issue of any Securities to be sold by the Selling Shareholders, the Selling Shareholders will receive consideration for the full issue price thereof which shall not be less than the par value thereof;

 

2.8. no invitation has been or will be made by or on behalf of the Company to the public in the Cayman Islands to subscribe for any shares of the Company;

 

2.9. the Offering and the transactions contemplated under the Transaction Documents complies with the requirements of the applicable rules of the Nasdaq Stock Market;

 

2.10. the Company is and after filing of the Registration Statement with the Commission, will be able to pay its liabilities as they become due;

 

2.11. the validity and binding effect under the laws of the United States of America of the Registration Statement and Prospectus and that the Registration Statement and Prospectus will or have been duly filed with and declared effective by the Commission prior to, or concurrent with, the sale of the Securities;

 

2.12. that the form and terms of any and all Securities or other securities (or other obligations, rights, currencies, commodities or other subject matter) comprising the same or subject thereto (in the case of the Warrants), the issuance and sale thereof by the Selling Shareholders, and the Company’s incurrence and performance of its obligations thereunder or in respect thereof (including, without limitation, its obligations under any related agreement, indenture or supplement thereto) in accordance with the terms thereof will not violate the Constitutional Documents nor any applicable law, regulation, order or decree in the Cayman Islands;

 

2.13. that all necessary corporate action will be taken by or on behalf of the Company and the Selling Shareholders to authorise and approve any issuance of Securities; and

 

2.14. save for the Corporate Documents and the statutory registers of the Company to be updated to reflect the Resolutions, there are no resolutions, agreements, documents or arrangements which materially affect, amend or vary the transactions contemplated by the Registration Statement.

 

3.QUALIFICATIONS

 

3.1.We express no opinion with respect to the issuance of Securities pursuant to any provision of the Transaction Documents that purports to obligate the Company to issue Securities following the commencement of a winding up or liquidation of the Company.

 

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3.2.Under Cayman Islands law, the register of members (shareholders) is prima facie evidence of title to shares and this register would not record a third party interest in such shares. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal position. As far as we are aware, such applications are rarely made in the Cayman Islands and there are no circumstances or matters of fact known to us on the date of this opinion letter which would properly form the basis for an application for an order for rectification of the register of members of the Company, but if such an application were made in respect of the Shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court.

 

3.3.We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other than the Cayman Islands. This opinion is to be governed by and construed in accordance with the laws of the Cayman Islands and is limited to and is given on the basis of the current law and practice in the Cayman Islands.

 

3.4.This opinion is issued solely for your benefit and use in connection with the matter described herein and is not to be relied upon by any other person, firm or entity or in respect of any other matter.

 

4.OPINION

 

On the basis of and subject to the foregoing, we are of the opinion that:

 

4.1.The Company is duly incorporated and existing under the laws of the Cayman Islands and, based on the Certificate of Good Standing, is in good standing as at the Certificate Date. Pursuant to the Companies Act (as revised) (the “Act”), a company is deemed to be in good standing if all fees and penalties under the Act have been paid and the Registrar of Companies has no knowledge that the company is in default under the Act.

 

4.2.When issued and paid for in accordance with the Transaction Documents and recorded in the register of members of the Company, the Shares will be validly issued, fully-paid and non-assessable (which term when used herein means that no further sums are required to be paid by the holders thereof in connection with the issue of such shares).

 

We hereby consent to the filing of this opinion as exhibit 5.1 to the Registration Statement and further consent to all references to us in the Registration Statement and any amendments thereto. In giving this consent, we do not consider that we are “experts” within the meaning of such term as used in the Securities Act, or the Rules and Regulations of the Commission promulgated thereunder, with respect to any part of the Registration Statement, including this opinion as an exhibit or otherwise.

 

Yours faithfully,

 

/s/ Conyers Dill & Pearman LLP  
Conyers Dill & Pearman LLP  

 

 

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