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SEC Filings

8-K
SEVEN STARS CLOUD GROUP, INC. filed this Form 8-K on 10/27/2017
Entire Document
 

 

Exhibit 99.1

Seven Stars Cloud Closes on $10 Million USD Private Placement

   

New York, NY, October 27, 2017 – Seven Stars Cloud Group, Inc. (NASDAQ: SSC) (“SSC” or the “Company”), is pleased to announce that the Company has entered into a Securities Purchase Agreement (“SPA”) with Hong Kong Guo Yuan Group Capital Holdings Limited (the “Purchaser”).

 

Pursuant to the terms of the SPA (which will be described further by SSC in its current report on Form 8-K), the Company, in a private placement transaction, has agreed to sell and issue 5,494,505 shares of the Company’s common stock to the Purchaser for $1.82 per share, which resulted in net proceeds of $10.0 million USD to SSC. The SPA contains both customary and special representations, warranties and covenants.

 

The securities being sold in this 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. 

 

SSC intends to use the US dollar net proceeds for M&A activity and general working capital purposes that require a US Dollar denomination.