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Seven Stars Cloud raises $26M; shares -4.1%

Published 07/30/2018, 05:23 PM
© Reuters.  Seven Stars Cloud raises $26M; shares -4.1%
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  • Seven Stars Cloud (NASDAQ:SSC) says it's raised $26M from strategic investors.
  • The investor group includes Star Thrive Group Ltd. (part of Changan Investment Group), which has subscribed to purchase 12,568,306 shares of common stock for $23M.
  • "Additionally, SSC is aware that two entities held by its chairman have sold 6M shares of SSC common stock to Star Thrive Group Limited on substantially similar terms," the company notes.
  • Sun Seven Stars, an affiliate of Chairman Bruno Wu, has subscribed to a $3M investment.
  • Shares are off 4.1% after hours.


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