TechFlow news — 500.com (WBAI.US) announced that it has entered into a share exchange agreement with Blockchain Alliance. The transactions contemplated under the share exchange agreement include transferring Bitdeer's entire mining pool business under BTC.com, the BTC.com domain name, and the BTC.com cryptocurrency wallet to the company. The initial closing transaction is expected to be completed by April 15, 2021.
Additionally, at the initial closing, 500.com will issue 44,353,435 Class A ordinary shares, par value $0.00005 per share, to Blockchain Alliance—representing approximately 10% of the company's outstanding shares as of January 31, 2021—in exchange for all of the issued share capital of Blockchain Alliance Technologies Limited held by Blockchain Alliance following the restructuring.
