NowNews Digital Media Technology Co., Ltd. (OTCQB:NDMT) signed definitive agreement to acquire an 80% stake in Beijing New Tong Ying Culture Media Co., Ltd. from Ming Gao and Xi Chen for $8 million on April 13, 2016. Under the terms of the transaction, NowNews Digital Media Technology will issue 1.6 million shares of its common stock as purchase consideration. The transaction will be funded from private placement of 3.3 million shares of Now News Digital Media Technology Co. Ltd. and 2 million common shares will be used for the sole purpose of investment in Beijing New Tong Ying Culture Media and remainder of the proceeds for general corporate use of Now News Digital Media Technology Co. Ltd. The transaction may be unwound by Beijing New Tong Ying Culture Media if NowNews Digital Media Technology cannot make its way to be listed on NYSE (New York Stock Exchange) by February 28, 2017. The transaction is expected to close on July 30, 2016. Jay M. Kaplowitz of Sichenzia Ross Friedman Ference, LLP acted as the legal advisor for NowNews Digital Media Technology Co. NowNews Digital Media Technology Co., Ltd. (OTCQB:NDMT) cancelled the acquisition of 80% stake in Beijing New Tong Ying Culture Media Co., Ltd. from Ming Gao and Xi Chen on April 13, 2017.