Slot Releases 500.com Limited Announces Private Placement and Appointment of New...

500.com Limited Announces Private Placement and Appointment of New Officers

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500.com Limited Announces Private Placement and Appointment of New Officers

500. com Limited, an on the internet sporting activities lotto company in China, today introduced that it has actually participated in a clear-cut share registration contract (the “Agreement”) with Good Luck Information Technology Co., Limited (“Good Luck Information”), a business included in Hong Kong, for the issuance and also sale of freshly provided Class A common shares of the Company (“Class A Shares”).

According to the Agreement, Good Luck Information will certainly buy 85,572,963 freshly released Class A Shares for an overall acquisition cost of roughly US$ 23 million, to be cleared up in U.S. bucks or in crypto-currencies, consisting of Bitcoin (BHC), to be identified picked by the Company within one month of the day of the Agreement. All the best Information will make complete settlement of the acquisition cost in money identified by the Company within one month of the Company’s decision. The per share acquisition rate of US$ 0.269 is the closing trading rate of the Company’s ADSs on December 18, 2020, the last trading day right away coming before the day of the acquisition contract. as readjusted by a 1-to-10 ADS to regular shares proportion.

Best Of Luck Information has actually consented to subject all the shares it or its associate will certainly obtain in the deal to a legal lock-up limitation for 180 days after the closing. The closing is anticipated to occur on or prior to February 20, 2021, upon contentment of normal closing problems.

Best of luck Information is regulated by Mr. Man San Vincent Law, an owner of the Company, that presently holds much less than 5% of the Company’s superior share funding. Upon closing, Good Luck Information will certainly hold 16.6% of the Company’s released and also exceptional average shares.

Consultation of New Officers

The Company’s Board of Directors (the “Board”) has actually recommended the Company to check out company chances in the blockchain as well as cryptocurrency markets based upon some success experience of its partner, Loto Interactive Limited. The Board has actually designated Mr. Xianfeng Yang as the Chief Executive Officer of the Company, as well as Mr. Bo Yu as the Chief Operating Officer of the Company, both efficient Decembers 21, 2020.

Mr. Yang has considerable experience in the cryptographic electronic online money sector. He has actually supervised of the building and construction as well as procedure of the huge information facility of Loto Interactive Limited. Mr. Yang additionally acts as the Chairman of Changhe Hydropower Absorption Blockchain Big Data Industrial Park in Sichuan. Mr. Yang worked as the Company’s elderly Vice President from 2018 to 2020. Mr. Yang got a bachelor’s level in Architecture from Huazhong University of Science as well as Technology.

Mr. Yu has actually functioned as the Company’s Director considering that 2017, and also functioned as General Counsel because 2014. Mr. Yu obtained a master’s level in legislation from the University of Iowa, as well as a master’s level in legislation and also a bachelor’s level in scientific research from the Wuhan University. Mr. Yu has actually been confessed to bench of the State of Michigan.

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