Seeking Alpha

500.com -3.4% AH after filing to sell convertible notes, shares

  • Already clobbered in regular trading, 500.com (WBAI) is adding to its losses after filing to sell up to $120M worth of convertible senior notes, and up to $360M worth of shares.
  • The Chinese sports lottery site ended 2013 with $90.1M in cash/equivalents, $11.7M of restricted cash, and $20M of time deposits. Its lockup expiration arrives on May 21.
  • SEC filings: I, II
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Comments (3)
  • SA User 74XXXXX
    , contributor
    Comments (681) | Send Message
     
    Secondary offering right at the bursting moment? What a good piece for the short sellers!

     

    The management's childish timing is above my head.
    28 Mar 2014, 05:10 AM Reply Like
  • SA User 74XXXXX
    , contributor
    Comments (681) | Send Message
     
    They do announce today a sales cooperation deal with Wal-mart owned Yhd.com in China, but I suspect the stock momentum has been lost. IMHO
    28 Mar 2014, 05:26 AM Reply Like
  • User 14231732
    , contributor
    Comment (1) | Send Message
     
    Please the wolves of Wall Street live on.

     

    This piece of crap should be a $5 stock maybe.
    30 Mar 2014, 05:03 AM Reply Like
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