Seven Stars Cloud Group, Inc. (NASDAQ: SSC), is pleased to announce that the Company has entered into a Securities Purchase Agreement with Hong Kong Guo Yuan Group Capital Holdings Limited.
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.
About Seven Stars Cloud Group, Inc. (http://corporate.sevenstarscloud.com/)
Seven Stars Cloud Group, Inc. (NASDAQ: SSC) is aiming to be a leading Intelligent Industrial Internet (3I) platform, creating an artificial intelligent & fintech-powered, supply chain solution for commercial enterprises. There are 2 Engines that drive our business platform: 1. VPaaS + TPaaS - Supply Chain Management for key industry sectors and leaders including but not limited to Big Commodities, Cross-Border Trade, Consumer Electronics & Energy; 2. Digital Finance Solutions - Supply Chain Finance underwritten by our Global Cornerstone Funds and ABS, Tokenization and Exchange Platforms, which include FINRA and SEC-regulated: Index Exchanges, Initial Coin Offering / Tokenization, ETFs and Derivatives. Both Engines and their various arms will run on 'BASE' technology and infrastructure (Blockchain, Artificial Intelligence, Supply Chain & Exchanges) to power a closed trade ecosystem for buyers and sellers designed to eliminate transactional middlemen and create a more direct and margin-expanding path for principals.