SHENZHEN, China, Dec. 21, 2020 /PRNewswire/ -- 500.com
Limited (NYSE: WBAI) ("500.com" or the "Company"), an online sports
lottery service provider in China,
today announced that it has entered into a definitive share
subscription agreement (the "Agreement") with Good Luck Information
Technology Co., Limited ("Good Luck Information"), a company
incorporated in Hong Kong, for the
issuance and sale of newly issued Class A ordinary shares of the
Company ("Class A Shares").
Pursuant to the Agreement, Good Luck Information will purchase
85,572,963 newly issued Class A Shares for a total purchase price
of approximately US$23 million, to be
settled in U.S. dollars or in crypto-currencies, including Bitcoin
(BHC), to be determined chosen by the Company within one month of
the date of the Agreement. Good Luck Information shall make full
payment of the purchase price in currencies determined by the
Company within one month of the Company's determination. The per
share purchase price of US$0.269 is
the closing trading price of the Company's ADSs on December
18, 2020, the last trading day immediately preceding the date of
the purchase agreement. as adjusted by a 1-to-10 ADS to
ordinary shares ratio.
Good Luck Information has agreed to subject all the shares it or
its affiliate will acquire in the transaction to a contractual
lock-up restriction for 180 days after the closing. The closing is
expected to take place on or before February
20, 2021, upon satisfaction of customary closing
conditions.
Good luck Information is controlled by Mr. Man San Vincent Law, a founder of the Company,
who currently holds less than 5% of the Company's outstanding share
capital. Upon closing, Good Luck Information will hold 16.6% of the
Company's issued and outstanding ordinary shares.
Appointment of New Officers
The Company's Board of Directors (the "Board") has proposed the
Company to explore business opportunities in the blockchain and
cryptocurrency industries based on some success experience of its
associate, Loto Interactive Limited. The Board has appointed Mr.
Xianfeng Yang as the Chief Executive
Officer of the Company, and Mr. Bo
Yu as the Chief Operating Officer of the Company, both
effective Decembers 21, 2020.
Mr. Yang has extensive experience in the cryptographic digital
virtual currency industry. He has been in charge of the
construction and operation of the big data center of Loto
Interactive Limited. Mr. Yang also serves as the Chairman of
Changhe Hydropower Absorption Blockchain Big Data Industrial Park
in Sichuan. Mr. Yang served as the
Company's senior Vice President from 2018 to 2020. Mr. Yang
received a bachelor's degree in Architecture from Huazhong
University of Science and Technology.
Mr. Yu has served as the Company's Director since 2017, and
served as General Counsel since 2014. Mr. Yu received a master's
degree in law from the University of Iowa, and a master's degree in law and a
bachelor's degree in science from the Wuhan University. Mr. Yu has been admitted to
the Bar of the State of
Michigan.
About 500.com Limited
500.com Limited (NYSE: WBAI) is a leading online sports lottery
service provider in China. The
Company offers a comprehensive and integrated suite of online
lottery services, information, user tools and virtual community
venues to its users. 500.com was among the first companies to
provide online lottery services in China, and is one of two entities that have
been approved by the Ministry of Finance to provide online lottery
sales services on behalf of the China Sports Lottery Administration
Center, which is the government authority that is in charge of the
issuance and sale of sports lottery products in China.
Safe Harbor Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"going forward," "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions, and relate to events that involve known
or unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
For more information, please contact:
500.com Limited
ir@500wan.com
Ms. Danni Zheng
Phone: +86 755 8633 8005
View original
content:http://www.prnewswire.com/news-releases/500com-limited-announces-private-placement-and-appointment-of-new-officers-301196701.html
SOURCE 500.com Limited