Why 500.com (WBAI) Stock Is Slipping Today

NEW YORK (TheStreet) -- Online sports lottery company 500.com Limited (WBAI) is tumbling on Thursday after announcing its offering of convertible debt and depositary shares.

By early afternoon, shares had slid 7.6% to $34.95. Trading volume of 1.3 million was more than double its three-month daily average.

China-based 500.com said it had filed registration statements with the SEC for a proposed public offering of convertible senior notes and a number of American Depositary Shares (ADSs), each representing 10 Class A ordinary shares, owned by certain stockholders. The company will not receive proceeds from the sale of the ADSs sold by shareholders.

500.com has yet to announce details on either offering.

Deutsche Bank, Credit Suisse and Morgan Stanley will act as representatives of the underwriters for the ADS offering, while Deutsche Bank will act as sole representative of the underwriters of the notes offering.

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