Current Report Filing (8-k)
April 12 2017 - 4:07PM
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): April 6, 2017
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 No.)
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incorporation)
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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
(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 3.01
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of
Listing.
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As previously disclosed in the Annual Report on Form 10-K of Wecast
Network, Inc. (the “Company”), filed on March 31, 2017, the Company’s’ Board of Directors (the “Board”)
has determined that Bruno Wu, the Company’s chairman, is no longer independent under NASDAQ Listing Rule 5605, because
of certain transactions between the Company and other entities controlled by Mr. Wu. On March 31, 2017, the Company notified the
NASDAQ Stock Market (“NASDAQ”) that, as a result of this determination, the Company is no longer in compliance with
NASDAQ Listing Rule 5605(b)(1), which requires that a majority of the Board be comprised of independent Directors. On April 6,
2017, in response to the Company's notice, NASDAQ issued a letter to the Company acknowledging the Company’s noncompliance
and confirming that, consistent with NASDAQ Listing Rule 5605(b)(1)(A), the Company can rely on a cure period allowing the Company
to regain compliance by the earlier of the Company's next annual meeting of stockholders and March 31, 2018; or, if the Company's
next annual meeting of stockholders is held before September 27, 2017, by September 27, 2017.
The Board is currently conducting a search process and intends to
appoint an additional independent Director to the Board prior to the end of the cure period.
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: April 12, 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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