WECAST NETWORK, INC. (NASDAQ:WCST) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry into a Material Definitive Agreement |
Amendment No. 6 to McMahon Note
On May 10, 2012, at the request of Wecast Network, Inc. (the
Company), Mr. McMahon made a loan to the Company in the amount of
$3,000,000. In consideration for the loan, the Company issued a
convertible note to Mr. McMahon in the principal amount of
$3,000,000, as amended on May 18, 2012, October 19, 2012, May 10,
2013, January 31, 2014 and December 30, 2014 (as amended,
restated, supplemented or otherwise modified from time to time,
the McMahon Note).
Effective on December 31, 2016, the Company and Mr. McMahon
entered into Amendment No. 6 to the McMahon Note to which the
McMahon Note will be, at Mr. McMahons option, payable on demand
or convertible on demand into shares of the Companys Series E
Preferred Stock, provided that the Note will no longer be
convertible into Series E Preferred Stock upon the conversion of
the Series E Preferred stock owned by C Media into the Companys
Common Stock ( to which all Series E Preferred Stock will be
automatically converted) but then convertible only into Common
Stock at a conversion price of $1.50, until December 31, 2018.
The foregoing description of Amendment No. 6 to the McMahon Note
is qualified in its entirety by reference to the actual Amendment
No. 6 to the McMahon Note, a copy of which is filed as Exhibit
10.1 hereto and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description |
| 10.1 |
Amendment No. 6 to the Convertible Promissory Note, dated December 31, 2016 |
About WECAST NETWORK, INC. (NASDAQ:WCST)
Wecast Network, Inc., formerly YOU On Demand Holdings, Inc., is a content video on demand (VOD) service provider with operations in the People’s Republic of China. The Company, through its subsidiaries and variable interest entity, provides content and integrated value-added service solutions for the delivery of VOD and paid video programming to digital cable providers, Internet Protocol Television (IPTV) providers, over-the-top (OTT) streaming providers, mobile manufacturers and operators, as well as direct customers. The Company operates through video content and media segment. The Company is a multi-platform entertainment company delivering content, including Hollywood and China-produced movie titles, as well as children’s programming, to customers’ mobile and television screens across China through subscription video on demand (SVOD) and transactional video on demand (TVOD) services. WECAST NETWORK, INC. (NASDAQ:WCST) Recent Trading Information
WECAST NETWORK, INC. (NASDAQ:WCST) closed its last trading session down -0.05 at 1.24 with 54,246 shares trading hands.
