500.com announced the acquisition of a 7-nanometer mining machine manufacturer

500.com announced the acquisition of a 7-nanometer mining machine manufacturer

6/4/2021

On April 5th, Bit Mining (500.com) announced the acquisition of mining machine manufacturer Bee Computing. At present, Bit Mining has signed a share swap agreement with the shareholders of Bee Computing Hong Kong Co., Ltd. The company will acquire Bee Computing (Hong Kong) Co., Ltd. with a total value of US$100 million and a total of 45,825,530 Class A ordinary shares as consideration, accounting for approximately 8.18% of the company's total issued share capital on March 31, 2021. The purchase price of Class A common shares is US$2.182 per share, which is determined based on the weighted average price of the 20 trading days before April 5, which is US$21.82 per ADR. According to the share swap agreement, the company will pay the selling shareholders 16,038,930 Class A common shares valued at 35 million U.S. dollars after completing the restructuring calculation and the completion of other customary trading conditions. The first delivery is expected to be completed in the second quarter of 2021. After Bee Computing has reached the following milestones, the company will pay the selling shareholders and the R&D team 29,786,600 Class A common stocks with a total value of 65 million U.S. dollars: 1. Continue to mass-produce 7nmASIC Bitcoin mining machines of a particular scale; 2. Successfully develop and develop and Mass-produced 7nmASIC Bitcoin mining machine with better power consumption and performance on a particular scale; 3. Successfully developed high-performance and energy-producing Ethereum ASIC mining machine; 4. Successfully developed high-performance and energy-producing Litecoin ASIC mining machine. The selling shareholders have agreed to lock up the Class A ordinary shares obtained in this transaction as agreed by both parties.


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