500.com announces additional issuance of approximately $14.4 million in shares to purchase mining machines

According to the Carbon Chain Value APP, 500 Lottery Network announced that it has signed a final purchase agreement with certain non-US listed companies (the sellers). The company expects to issue Class A common shares worth approximately US$14.4 million as consideration to acquire the Bitcoin mining machines owned by the sellers. The company expects to issue 11,882,860 new Class A common shares at a value of US$1.21 per share, equivalent to US$12.10 per American Depositary Share (ADS) (based on a ratio of 10 common shares/ADS), at a price of approximately the closing price of the company's American Depositary Shares on the last trading day before the date of the agreement (January 8, 2021), totaling approximately US$14.4 million to acquire Bitcoin mining machines owned by the sellers, including S17, T17, M20 and S9 models. The company expects to begin generating revenue from Bitcoin mining in the first half of 2021. The hash power (HashPower) of the Bitcoin mining machine acquired in this transaction is approximately 918.5 PH/S. (Zhitong Finance)