SHENZHEN, China, Feb. 23, 2021 /PRNewswire/ -- 500.com
Limited (NYSE: WBAI) ("500.com" or the "Company"), a China-based enterprise committed to developing
cryptocurrency mining businesses, today announced the closing of
its previously announced private placement transaction pursuant to
the definitive share subscription agreement with Good Luck
Information Technology Co., Limited ("Good Luck Information")
entered into on December 21,
2020. The Company has received
356.04342 Bitcoins and US$11.5
million in cash from Good Luck Information, and the Company
has issued 85,572,963 newly issued Class A ordinary shares to Good
Luck Information.
The 356.04342 Bitcoins is the
equivalent of US$11.5 million at the
Bitcoin to U.S. dollars exchange rate fixed on January 21, 2021 at US$32,326.29 to one Bitcoin.
About 500.com Limited
500.com Limited (NYSE: WBAI) is committed to becoming a leading
cryptocurrency mining enterprise in China. Since announcing its entry into the
cryptocurrency industry in December
2020, the Company has entered into definitive agreements to
(i) purchase cryptocurrency mining machines, (ii) acquire a
controlling stake in Loto Interactive Limited (HKEX: 08198), and
(iii) acquire the entire mining pool business of Bitdeer
Technologies Holding Company ("BitDeer") operated under BTC.com,
including the domain name BTC.com and the cryptocurrency wallet of
BTC.com (collectively, the "BTC.com Pool Businesses"), to unfurl a
comprehensive approach to cryptocurrency mining. 500.com Limited
also was the first company in China to provide online lottery sales agent
services, and was one of two enterprises approved by China's Ministry of Finance to engage in the
online sports lottery sales agent business on a trial basis.
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.
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SOURCE 500.com Limited