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Shares of Chinese online sports lottery service provider, 500.com Limited (NYSE: WBAI) are rallying on Monday after the company announced it has entered into a definitive share subscription agreement with Good Luck Information Technology Co., Limited, for the issuance and sale of newly issued Class A ordinary shares.

As part of the agreement, Good Luck Information, a Hong Kong incorporated firm, will purchase over 85 million newly issued Class A shares for a total price of approximately $23 million or $0.269 per share.

The transaction is to be settled in US dollars or cryptocurrencies, including Bitcoin with 500.com determining the currency within one month of the date of the agreement.

Good Luck has agreed to put all of its acquired shares to a contractual lock-up restriction for 180 days after the closing.

500.com also announced Xianfeng Yang as its new CEO and Bo Yu as its new COO.

500.com’s share price exploded higher in reaction to the news, trading over 120% higher at $6.30. Its shares are currently priced at $5.06, up 88.10%.

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