YOU on Demand Holdings, Inc. (NASDAQ: YOD) has closed on a strategic investment from Seven Stars Works Co., Ltd., a Korea company and an affiliate of Beijing Sun Seven Stars Culture Development Limited, a PRC company, the company said.
SSS is controlled by the chairman of YOU on Demand´s board of directors, Bruno Wu.
The company has agreed to sell and issue 2,272,727 shares of the company´s common stock to SSW for a total purchase price of USD4.0 million.
YOU on Demand said it intends to use the net proceeds of the transaction for M&A activity, licensed content procurement and general working capital purposes.
YOU on Demand Holdings, Inc. leverages and optimizes its current operations as a premium content VOD service provider in China to evolve into a global, B2B2C, mobile-driven, consumer management platform for both enterprises and consumers.