|By PR Newswire||
|March 26, 2014 08:00 PM EDT||
SHENZHEN, China, March 26, 2014 /PRNewswire/ -- 500.com Limited ("500.com" or the "Company") (NYSE: WBAI), today announced that it has filed registration statements with the U.S. Securities and Exchange Commission (the "SEC") with regard to (i) a proposed underwritten public offering by the Company and certain shareholders of the Company of American Depositary Shares, each representing 10 Class A ordinary shares, par value $0.00005 per share, of the Company (the "ADSs"), and (ii) a proposed underwritten public offering by the Company of its convertible senior notes (the "Notes").
Subject to market and other conditions, the Company and certain shareholders of the Company propose to offer ADSs. A selling shareholder intends to grant to the underwriters of the proposed ADS offering a 30-day option to purchase additional ADSs. The Company will not receive any proceeds from the proposed sale of the ADSs by the selling shareholders.
Concurrently with the proposed offering of the ADSs and subject to market and other conditions, the Company proposes to offer the Notes. The Company intends to grant to the underwriter of the proposed Notes offering a 30-day option to purchase additional principal amount of the Notes.
Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. International plc are acting as representatives of the underwriters for the proposed offering of the ADSs, and Deutsche Bank Securities Inc. is acting as the representative of the underwriters of the proposed offering of the Notes.
In connection with the above proposed offerings, Deutsche Bank Securities Inc., the sole bookrunning manager in the Company's initial public offering of 66,539,000 ADSs representing the Company's ordinary shares, are releasing the lock-up restrictions with respect to up to 49,627,409 Class B ordinary shares of the Company held by two directors of the Company. The release will take effect on or about April 8, 2014, and the ADSs representing such ordinary shares may be sold on or after such date.
Registration statements relating to these securities have been filed with the SEC but have not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statements become effective. This press release shall not constitute an offer to sell or a solicitation of an offer to purchase, nor shall there be any sale of, any of the securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities have not been and will not be registered under the applicable securities laws of any jurisdiction outside of the United States of America.
About 500.com Limited
500.com Limited (NYSE:WBAI) is a leading online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China. According to iResearch, the Company had the largest market share among online lottery service providers for the first six months of 2013, in terms of the total purchase amount of sports lottery products.
Safe Harbor Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For more information, please contact:
Mr. Christian Arnell
E-mail: [email protected]
Ms. Linda Bergkamp
Email: [email protected]
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