SHENZHEN, China, Jan. 11,
2021 /PRNewswire/ -- 500.com Limited (NYSE: WBAI) ("500.com" or the
"Company"), today announced that it has entered into a definitive
purchase agreement (the "Agreement") with certain non-U.S. persons
(the "Sellers") pursuant to which the Company expects to issue
approximately US$14.4 million worth
of its Class A ordinary shares as consideration to acquire bitcoin
mining machines owned by the Sellers.
The Company expects to issue 11,882,860 newly-issued
Class A ordinary shares valued at US$1.21 per share, corresponding to US$12.10 per American Depositary Share ("ADS")
(based on the ratio of ten ordinary shares per ADS), the closing
trading price of the Company's ADSs on January 8, 2021, the last trading day prior to
the date of the Agreement, for a total consideration of
approximately US$14.4 million to
acquire bitcoin mining machines owned by the Sellers including such
models as the S17, T17, M20s and S9. This transaction is subject to
the completion of certain conditions precedent to the closing of
the transaction, including the Sellers' satisfactory completion of
required closing conditions. There can be no assurance that the
closing conditions will be satisfied, or that the proposed
transaction will be consummated.
Assuming no delay to the timetable, this transaction is expected
to close in the first quarter of 2021. Upon the consummation of the
transaction, the Company plans to install all bitcoin mining
machines acquired from the Sellers within four weeks. The Company
expects to begin generating revenue from bitcoin mining in the
first half of 2021. The total hash power capacity of the bitcoin
mining machines acquired in this transaction is estimated to be
approximately 918.5 PH/S.
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
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SOURCE 500.com Limited