500.com Ltd. - ADR 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
