NEW YORK, May 25, 2017 /PRNewswire/ -- Wecast Network, Inc.
(NASDAQ: WCST) ("Wecast" or the "Company" or "WCST")"Company"),
announced today that the Company has entered into a Subscription
Agreement ("SA") for the sale of 727,273 common shares of its
common stock to certain investors, officers & directors and
affiliates ("Investors") in a private placement that grossed and
netted $2 million USD to the
Company.
Investors in the private placement include (but are not limited
to) Ms. Lan Yang, the wife of
Chairman Bruno Wu, and separately,
China Telenet Ventures Limited, a vehicle owned and controlled by
Mr. Sean Wang, a Wecast Board
Director.
Pursuant to the terms of the SA, which was filed with the U.S.
Securities and Exchange Commission on May 25, 2017 by Wecast
in its current report on Form 8-K, the Company has agreed to sell
and issue 727,273 shares of the Company's common stock for
$2.75 per share. The
$2.75 share price represents the
closing bid price on May 19, 2017,
the day Wecast entered into the SA with Investors to sell
securities.
The securities being sold in the private placement have not been
registered under the Securities Act of 1933, as amended, or state
securities laws and may not be offered or sold in the United
States absent registration with the Securities and
Exchange Commission (SEC) or an applicable exemption from such
registration requirements.
Wecast intends to use the US dollar net proceeds for M&A
activity and general working capital purposes that require a US
dollar denomination.
About Wecast Network, Inc.
(http://corporate.wecastnetworkinc.com)
Wecast Network (NASDAQ: WCST) is aiming to be the leading
provider of total B2B business solutions for today's constantly
evolving business landscape. With a focus on "BASE" or
Blockchain, Artificial Intelligence, Supply Chain & Exchanges,
Wecast is organized into three cloud-based categories and business
units: Brand, Content & Intellectual Property Cloud,
Product Sales Cloud and the Transactional Finance Cloud. With
the three clouds functioning both independently and
interdependently, Wecast is creating a vertical, transactional and
flexible platform for today's global enterprises.
The Company's mission and vision is to be the world's leading
cloud-based, total B2B enterprise solution & platform provider
that empowers businesses to grow with Big Data technology.
Safe Harbor Statement
This press release contains certain statements that may
include "forward looking statements." All statements other than
statements of historical fact included herein are "forward-looking
statements." These forward looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
CONTACT:
Jason Finkelstein
VP, Strategy & Investor Relations
Wecast Network, Inc.
212-206-1216
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SOURCE Wecast Network, Inc.