WBAI - 500.com Limited announces private placement and appoints new CEO and COO

Online sports lottery service provider in China 500.com Limited (WBAI) +14.5% premarket on private placement and executive appointments.The company has entered into a subscription agreement with Good Luck Information Technology to sell 85,572,963 newly issued Class A Shares for ~$23M, to be settled in U.S. dollars or in crypto-currencies, including Bitcoin within one month of the date of the Agreement.The per share purchase price of $0.269 is the closing trading price of the company's ADSs on December 18, 2020, as adjusted by a 1-to-10 ADS to ordinary shares ratio. Upon closing on Feb 20, 2021, Good Luck Information will hold 16.6% of the company's issued and outstanding ordinary shares. The Board has appointed Mr. Xianfeng Yang as the Chief Executive Officer and Mr. Bo Yu as the Chief Operating Officer, both effective Decembers today.

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500.com Limited announces private placement and appoints new CEO and COO