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 (836) | 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 (836) | 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
  • Bookieboy
    , contributor
    Comments (2) | 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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