WECAST NETWORK, INC. (NASDAQ:WCST) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
As previously disclosed in the Annual Report on Form 10-K of
Wecast Network, Inc. (the Company), filed on March 31, 2017, the
Companys Board of Directors (the Board) has determined that Bruno
Wu, the Companys chairman, is no longer independent under NASDAQ
Listing Rule 5605, because of certain transactions between the
Company and other entities controlled by Mr. Wu. On March 31,
2017, the Company notified the NASDAQ Stock Market (NASDAQ) that,
as a result of this determination, the Company is no longer in
compliance with NASDAQ Listing Rule 5605(b)(1), which requires
that a majority of the Board be comprised of independent
Directors. On April 6, 2017, in response to the Company’s
notice, NASDAQ issued a letter to the Company acknowledging the
Companys noncompliance and confirming that, consistent with
NASDAQ Listing Rule 5605(b)(1)(A), the Company can rely on a cure
period allowing the Company to regain compliance by the earlier
of the Company’s next annual meeting of stockholders and March
31, 2018; or, if the Company’s next annual meeting of
stockholders is held before September 27, 2017, by September 27,
2017.
The Board is currently conducting a search process and intends to
appoint an additional independent Director to the Board prior to
the end of the cure period.
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 up +0.17 at 2.80 with 97,786 shares trading hands.