SHENZHEN, China, Jan. 21, 2021 /PRNewswire/ -- 500.com
Limited (NYSE: WBAI) ("500.com" or the "Company"), today announced
that, in connection with the definitive share subscription
agreement with Good Luck Information Technology Co., Limited
entered into on December 21, 2021, it
has determined that 50% of the subscription price, or approximately
US$11.5 million, shall be settled by
U.S. dollars, with the remaining 50% of the subscription price, or
approximately US$11.5 million, being
settled by Bitcoin. The Bitcoin to U.S. dollars exchange rate shall
be US$32,326.29 to one Bitcoin, being
the average of the closing trading prices for Bitcoin published by
Coinmarketcap for each of the 31 days ended January 20, 2021. The payment of the subscription
price and the issuance of Class A Shares is expected to occur
before February 20, 2021, subject to
the fulfillment of other customary closing conditions.
About 500.com Limited
500.com Limited (NYSE: WBAI) is an 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. Most recently, 500.com is actively developing its
blockchain-related business.
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-subscription-price-to-be-settled-in-us-dollars-and-bitcoin-301212598.html
SOURCE 500.com Limited