SHENZHEN, China, April 15, 2021 /PRNewswire/ -- BIT Mining Limited
(NYSE: WBAI) ("BIT Mining Limited" or the "Company"), a leading
cryptocurrency mining enterprise, today announced the first closing
of its previously announced transactions (the "Transactions")
contemplated by the share exchange agreement, as amended (the
"Share Exchange Agreement"), dated February
16, 2021, with Blockchain Alliance Technologies Holding
Company ("Blockchain Alliance"), a Cayman
Islands company and a "Non-U.S. Person" as defined in
Regulation S of the Securities Act of 1933, as amended. Pursuant to
the Share Exchange Agreement, the Company has issued an aggregate
of 44,353,435 Class A ordinary shares of par value US$0.00005 per share of the Company (the "Class A
Ordinary Shares") to Blockchain Alliance in exchange for the entire
outstanding share capital of Blockchain Alliance Technologies
Limited held by Blockchain Alliance. In accordance with the Share
Exchange Agreement, 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") have now been transferred to the
Company.
BTC.com was founded by Mr. Jihan Wu, upon completion of the first closing,
Mr. Wu and the other shareholders of Blockchain Alliance will
together hold 7.9 % of the Company's total outstanding share
capital, as of April 14,
2021.
The Company today also announced that it and Blockchain Alliance
agreed to amend the Share Exchange Agreement on April 15, 2021, pursuant to which amendment,
among other things, the relevant period for recording net operating
profit or net operating loss in respect of the BTC.com Pool
Businesses, for the determination of whether the Company shall
issue additional shares to, or be entitled to repurchase certain
shares from, Blockchain Alliance as part of the Transactions, has
been changed to the twelve-month period from April 1, 2021 to March 31,
2022.
About BIT Mining Limited
BIT Mining Limited (NYSE: WBAI) is a leading cryptocurrency
mining enterprise, with a long-term strategy to create value across
the cryptocurrency industry. Since announcing its entry into the
industry in December 2020, the
Company has: (i) purchased and deployed bitcoin mining machines
with a theoretical hash rate capacity of approximately 1,031.5
PH/s; (ii) acquired three hydroelectric cryptocurrency mines with
combined electric power capacity of 435MW, by purchasing a
controlling stake in Loto Interactive Limited (HKEX:08198); (iii)
acquired the entire mining pool business of Bitdeer Technologies
Holding Company operated under BTC.com, including the domain name
and the cryptocurrency wallet of BTC.com. The Company has also
entered into a definitive agreement with Bee Computing (HK)
Limited, a 7-nanometer cryptocurrency mining machine manufacturer,
in order to help sustain the Company's continued growth. BIT Mining
Limited was formerly known as 500.com Limited, an online sports
lottery service provider in China.
As of today, the Company's American Depositary Shares ("ADSs"),
each representing the right to receive ten (10) Class A ordinary
shares of the Company, are listed on the NYSE under the Company's
old English name "500.com Limited" and its old ticker symbol
"WBAI." The Company's ADSs are expected to begin trading under the
Company's new English name "BIT Mining Limited," and its new ticker
symbol "BTCM," effective at the opening of trading on Tuesday, April 20, 2021.
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:
BIT Mining 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