500.com Limited Announces Private Placement Subscription Price to be Settled in U.S. Dollars and Bitcoin
On January 21, 2021, 500.com Limited (NYSE: WBAI) announced a share subscription agreement with Good Luck Information Technology Co., Limited. The total subscription price of approximately US$23 million will be settled 50% in U.S. dollars (about US$11.5 million) and 50% in Bitcoin, at an exchange rate of US$32,326.29 per Bitcoin. The completion of the share issuance is expected by February 20, 2021, subject to customary closing conditions. This strategic move highlights 500.com's commitment to leveraging blockchain technology in its operations.
- Secured a definitive share subscription agreement worth approximately US$23 million.
- 50% of the subscription price to be settled in Bitcoin, indicating a forward-looking approach to cryptocurrency.
- Enhancement of blockchain-related business development opportunities.
- None.
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
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
FAQ
What is the recent share subscription agreement related to WBAI?
How much of the subscription price for WBAI is settled in Bitcoin?
When is the share issuance expected to occur for WBAI?
What is the exchange rate for Bitcoin in the WBAI subscription agreement?
Who is the partner in the share subscription agreement with WBAI?
