500.com to acquire bitcoin mining machines for ~$14.4M worth shares
Jan. 11, 2021 7:19 AM ETBIT Mining Limited (BTCM)BTCMBy: Niloofer Shaikh, SA News Editor
- 500.com Limited (NYSE: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.