NEW YORK, Oct. 27, 2017 /PRNewswire/ -- 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.
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.
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, Investor Relations
Seven Stars Cloud Group, Inc.
212-206-1216
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SOURCE Seven Stars Cloud Group, Inc.