WECAST NETWORK, INC. (NASDAQ:WCST) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry Into A Material Definitive
Agreement.
On May 19, 2017, Wecast Network, Inc. (the Company) entered into
a subscription agreement (the Subscription Agreement) with
certain investors, including officers, directors and other
affiliates of the Company (the Investors), to which the Company
issued and sold to the Investors, in a private placement, an
aggregate of 727,273 shares of the common stock of the Company,
par value $0.001 per share (the Common Stock), for $2.75 per
share, or a total purchase price of $2.0 million. The
Subscription Agreement contains customary representations,
warranties and covenants. Investors in the private placement
included Lan Yang, the wife of the Companys chairman Bruno Wu,
and China Telenet Ventures Limited, an entity owned and
controlled by Sean Wang, a member of the Companys Board of
Directors.
The foregoing description of the Subscription 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 Companys next Quarterly Report on Form
10-Q.
Item 3.02. Unregistered Sales of Equity
Securities.
The information pertaining to the sale of shares of the Common
Stock discussed in Item 1.01 of this Form 8-K is incorporated
herein by reference in its entirety.
The Company issued the shares of its Common Stock in reliance on
exemptions from registration provided by Section 4(a)(2) of the
Securities Act, Rule 506 of Regulation D promulgated thereunder
and/or Regulation S under the Securities Act.
| Item 8.01 | Other Events. |
On May 25, 2017, the Company issued a press release announcing
the entry into of the Subscription 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. |
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release, dated May 25, 2017. |
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 00.00 at 2.90 with 118,055 shares trading hands.
