SHENZHEN, China, March 15, 2021 /PRNewswire/ -- 500.com
Limited (NYSE: WBAI) ("500.com" or the "Company"), a cryptocurrency
mining enterprise in China, today
announced that it has completed its acquisition of bitcoin mining
machines owned by certain non-U.S. persons in exchange for an
aggregate of 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. This transaction was previously
announced on January 11, 2021.
The bitcoin mining machines acquired in this transaction (the
"Bitcoin Mining Machines") include such models as the S17, T17,
M20s and S9. The theoretical maximum total hash rate capacity
of the Bitcoin Mining Machines is estimated to be
approximately 918.5 PH/s. Once fully deployed, the Company
estimates that all of its bitcoin mining machines, including the
Bitcoin Mining Machines, will have a total hash rate capacity
of up to approximately 1000 PH/s in aggregate.
About 500.com Limited
500.com Limited (NYSE: WBAI) is committed to becoming a leading
cryptocurrency mining enterprise. 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.
For further information:
500.com Limited
ir@500wan.com
Ms. Danni Zheng
Phone: +86 755 8633 8005
The Piacente Group, Inc.
Helen Wu
Tel: +86 (10) 6508-0677
Email: 500@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: 500@tpg-ir.com
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SOURCE 500.com Limited