SEVEN STARS CLOUD GROUP, INC. (NASDAQ:SSC) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
Seven Stars Global Cloud Group Limited (formerly known as Wecast Media Group Limited) (“SSGCG”), the largest stockholder of Seven Stars Cloud Group, Inc. (the “Company”) and an affiliate of the Company’s chairman Bruno Wu, distributed 19,897,117 shares of the Company’s common stock, $0.001 par value (the “Common Stock”) and 933,333 Series A Preferred Shares (together, the “Distributed Shares”), effective September 1, 2017, to certain stockholders (each a “Stockholder”, and together the “Stockholders”). As a condition to the distribution, the Company entered into a Stockholder Proxy and Lock-Up Agreement (the “Proxy Agreement”) with Bruno Wu and the Stockholders. to the terms of the Proxy Agreement, each Stockholder (i) provided Mr. Wu the right to vote such Stockholder’s shares until the Stockholder ceases to be the holder of such shares of Common Stock, and (ii) agreed not to, without the prior written consent of the Company, sell, transfer and/or otherwise dispose of, any of such Stockholder’s shares of Common Stock until the later of one (1) year from the date of (i) the execution of the Proxy Agreement or (ii) the date on which the Stockholder becomes the legal holder of the Shares, whichever is later.
The foregoing description of the Proxy Agreement is not purported to be complete and is qualified in its entirety by reference to the complete text of such agreement which will be filed as an exhibit to the Company’s next Quarterly Report on Form 10-Q.
On September 1, 2017, the Company issued a press release announcing the entry into the Proxy Agreement, among other items. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
|Item 9.01||Financial Statements and Exhibits.|
|99.1||Press Release, dated September 1, 2017.|
Seven Stars Cloud Group, Inc. ExhibitEX-99.1 2 v474819_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Bruno Wu’s Sun Seven Stars Announces Stock Distribution to its Minority Shareholders,…To view the full exhibit click
About SEVEN STARS CLOUD GROUP, INC. (NASDAQ:SSC)
Seven Stars Cloud Group, Inc., formerly Wecast Network, Inc., is engaged in providing cloud-based, business to business (B2B) solutions for business landscape. The Company focuses on BASE technology and infrastructure including Blockchain, artificial intelligence, supply chain and exchanges to the virtual platform as a service (v pass). Its business units include smart intellectual property cloud, smart sales cloud products and transactional cloud. The Company is engaged in creating closed trade ecosystem for buyers and sellers. The Company creates a vertical, transactional platform for global enterprise. SEVEN STARS CLOUD GROUP, INC. (NASDAQ:SSC) Recent Trading Information
SEVEN STARS CLOUD GROUP, INC. (NASDAQ:SSC) closed its last trading session down -0.04 at 1.47 with 27,379 shares trading hands.