500.com Ltd. - ADR (NYSE: WBAI) is an online gambling services company based in Shenzen, China. It provides online lottery services and information tools on behalf of China Sports Lottery Adminstration Center.What Happened: 500.com filed form 6-K with the United States Securities and Exchange Commission on Thursday.In connection with the Good Luck Information Technology Co. Ltd., 50% of the subscription will be settled in U.S. dollars and 50% will be settled by Bitcoin at an exchange rate of $32,326.29 to one bitcoin.500.com. will issue the 11,882,860 shares valued at $12.10, the closing price on Jan. 8, 2021.Why It Matters: 500.com plans to use the proceeds to buy models S17, T17, M20 and S9 Bitcoin mining machines from a private seller and plans to begin generating revenue from Bitcoin mining within the first half of 2021.What's Next: The subscription placement is expected to be completed during the first quarter of 2021, after which 500.com plans to install the machines within four weeks.WBAI Price Action: Shares of 500.com were down 2.08% to $12.72 Thursday afternoon.See more from Benzinga * Click here for options trades from Benzinga * Boeing Secures .1B Deal With US Air Force * How Hapbee Technology Is Tapping Into Mind Wellness With A Peloton-Like Model(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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, 2020, 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.
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.