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23 April 2021

Chinese Lottery Firm Rebrands, Purchases Bitcoin Mining Rig Manufacturer for $100 Million – Mining Bitcoin News

Chinese Lottery Firm Rebrands, Purchases Bitcoin Mining Rig Manufacturer for $100 Million – Mining Bitcoin News


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Chinese Lottery Firm Rebrands, Purchases Bitcoin Mining Rig Manufacturer for $100 Million – Mining Bitcoin News.

Following the acquisition of the Chinese mining pool Btc.com, the China-based lottery company 500.com revealed the purchase of a bitcoin mining rig manufacturer Bee Computing.

The Shenzhen firm purchased the semiconductor and mining device manufacturer for roughly $100 million in a share exchange agreement.

The share exchange agreement is noteworthy and totals around $100 million for the acquisition.

Pursuant to the share exchange agreement, the company shall, subject to customary conditions, [and will] issue at the first closing an aggregate of 16,038,930, or US$35 million worth, of its Class A ordinary shares to the selling shareholders.

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