WECAST NETWORK, INC. (NASDAQ:WCST) Files An 8-K Submission of Matters to a Vote of Security HoldersItem 5.07 Submission of Matters to a Vote of Security Holders.
Approval of Name Change
On June 1, 2017, Wecast Network, Inc. (the “Company”) received the written consent of the shareholders holding a majority of the voting power of the Company approving an amendment of the Articles of Incorporation of the Company to change the Company name from Wecast Network, Inc., to “Seven Stars Cloud Group, Inc.” (the “Name Change”). Other than the Name Change, no material amendments were approved to the Company’s Articles of Incorporation.
The Name Change was approved by a total of 41,103,141 of the outstanding votes entitled to vote on the matter, representing 57.61% of the votes of the Company’s issued and outstanding voting shares. The Name Change is expected to become effective approximately 20 calendar days after the Company has filed a final definitive Schedule 14C Information Statement with the United States Securities and Exchange Commission regarding the Name Change and mailed that Information Statement to the Company’s shareholders. No proxy soliciting material was utilized in connection with the approval by written consent.
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.
