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WBAI - 500.com to acquire bitcoin mining machines for ~$14.4M worth shares
500.com Limited American Depositary Shares each representing 10 Class A shares
500.com Limited (WBAI) +5.8% premarket, expects to issue 11,882,860 newly-issued Class A ordinary shares valued at $1.21/share, total worth ~$14.4M as a consideration to acquire bitcoin mining machines owned by the Sellers including such models as the S17, T17, M20s and S9. Transaction is expected to close in 1Q21. The total hash power capacity of the bitcoin mining machines acquired is estimated to be ~918.5 PH/S.The company plans to install all bitcoin mining machines within four weeks and expects to begin generating revenue from bitcoin mining in 1H21.