Current Report Filing (8-k)
January 06 2017 - 4:08PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): December 31, 2016
WECAST
NETWORK, INC.
(Exact name of registrant as specified in
its charter)
Nevada
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001-35561
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20-1778374
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(State or other jurisdiction of
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(Commission File Number)
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(IRS Employer Identification
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incorporation)
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No.)
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Building B4, Tai Ming International Business
Court,
Tai Hu Town, Tongzhou District, Beijing,
China 101116
(Address
of principal executive offices) (Zip Code)
Registrant’s telephone number,
including area code: 212-206-1216
375 Greenwich Street, Suite 516
New York, New York 10013
(Former
name or former address, if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
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Item 1.01
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Entry into a Material Definitive Agreement
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Amendment No. 6 to McMahon Note
On May 10, 2012, at the request of Wecast Network, Inc. (the
“Company’), Mr. McMahon made a loan to the Company in the amount of $3,000,000. In consideration for the loan, the
Company issued a convertible note to Mr. McMahon in the principal amount of $3,000,000, as amended on May 18, 2012, October 19,
2012, May 10, 2013, January 31, 2014 and December 30, 2014 (as amended, restated, supplemented or otherwise modified from time
to time, the “McMahon Note”).
Effective on December 31, 2016, the Company and Mr. McMahon
entered into Amendment No. 6 to the McMahon Note pursuant to which the McMahon Note will be, at Mr. McMahon’s option, payable
on demand or convertible on demand into shares of the Company’s Series E Preferred Stock, provided that the Note will no
longer be convertible into Series E Preferred Stock upon the conversion of the Series E Preferred stock owned by C Media into the
Company’s Common Stock (pursuant to which all Series E Preferred Stock will be automatically converted) but then convertible
only into Common Stock at a conversion price of $1.50, until December 31, 2018.
The foregoing description of Amendment No. 6 to the McMahon
Note is qualified in its entirety by reference to the actual Amendment No. 6 to the McMahon Note, a copy of which is filed as Exhibit
10.1 hereto and incorporated herein by reference.
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Item 9.01
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Financial Statements and Exhibits.
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(d) Exhibits
10.1
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Amendment No. 6 to the Convertible Promissory Note, dated December 31, 2016
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SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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WECAST NETWORK, INC.
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Date: January 6, 2017
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By:
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/s/ Bing Yang
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Bing Yang
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Chief Executive Officer
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