SHENZHEN, China, March 31, 2021 /PRNewswire/ -- 500.com Limited
(NYSE: WBAI) ("500.com" or the "Company"), a cryptocurrency mining
enterprise, today announced that it has completed its previously
announced subscription for 169,354,839 shares of Loto Interactive
Limited (HKEX: 08198) ("Loto Interactive") at a price of
HK$0.62 per share for a total
consideration of HK$105 million
(US$13.5 million) in cash (the "Share
Subscription"). Upon completion of the Share Subscription,
the Company's ownership of Loto Interactive increased to 54.3% and
Loto Interactive became a subsidiary of the Company. The Share
Subscription was announced on January 28,
2021.
Concurrently with the completion of the Share Subscription, Loto
Interactive has completed its acquisition of the remaining equity
interests in its indirectly held subsidiary, Ganzi Changhe
Hydropower Consumption Service Co. Ltd ("Ganzi Changhe"), from two
sellers for a total consideration of approximately RMB88.2 million (approximately US$13.6 million) in cash ("the Acquisition").
Ganzi Changhe was incorporated in 2019 and has access to a total
power capacity of approximately 300 MW. Upon completion of the
Acquisition, Loto Interactive's ownership of Ganzi Changhe
increased to 100%.
Pursuant to Rule 26.1 of the Hong Kong Code on Takeovers and
Mergers, upon completion of the Share Subscription, the Company
will be required to make a cash offer to acquire all the shares of
Loto Interactive in issue (other than those already owned or agreed
to be acquired by us and our parties acting in concert)
at HK$0.75 per share. The Company will also make a cash
offer for the cancellation of all options of Loto Interactive in
accordance with Rule 13.5 of the Hong Kong Code on Takeovers and
Mergers.
For further details of the unconditional mandatory cash offers
mentioned above, please refer to the joint announcement made by us
and Loto Interactive on the website of The Stock Exchange of Hong
Kong Limited on January 28, 2021.
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 more 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