A U.S. listed Chinese sports lottery firm announced that it has entered into a purchase agreement to acquire bitcoin (BTC) mining machines. The deal involves the issuing of $14.4 million worth of 500.com Class A ordinary shares.
Models Include S17, T17, M20s and S9
According to the announcement, 500.com Ltd reached an initial agreement to acquire the mining machines from the unnamed non-U.S. seller. The firm looks forward to issuing 11,882,860 Class A shares valued at $1.21 per share to cover the purchase.
The full amount of the transaction will allow the company to acquire mining machines, including such models as the M20s from Microbt S17, T17, and S9 from the mining hardware manufacturing giant Bitmain.
However, 500.com Ltd clarifies that the transaction is still subject to the sellers’ satisfaction when the transaction concludes.
Per the Chinese firm, the transaction is expected to be fully completed before the end of the first quarter of 2021. 500.com Ltd aims to install the machines within…