SHANGHAI, Feb. 8, 2021 /PRNewswire/ -- The9 Limited
(Nasdaq: NCTY) ("The9"), an established Internet company, today
announced that it signed six legally binding Memorandums of
Understanding (collectively the "MOUs") with six unrelated Bitcoin
mining machine owners to purchase Bitcoin mining machines by the
issuance of Class A ordinary shares. This batch of Bitcoin mining
machines includes different brands such as WhatsMiner, AntMiner and
AvalonMiner, with a total number of 10,489 units and a total hash
rate of approximately 251PH/S. These Bitcoin mining machines have
already been deployed in Qinghai,
Xinjiang and Inner Mongolia in China. According to the MOUs, The9 will issue
approximately 7,178,160 Class A ordinary shares (equivalent to
239,272 ADSs) to the sellers based on The9 share price of
US$23.35 prior to the MOUs, with a
lock up period of 6 months. The9 will designate an independent
valuation firm to conduct examination and assessment of the Bitcoin
mining machine fair market value, and will make adjustment to the
number of Class A ordinary shares to be issued if needed. The9
expects to complete the signing of the definitive agreements within
one month after the signing of the MOUs.
The9 also announced that it completed the signing of the
definitive agreements for the last batch of 26,007 Bitcoin mining
machines with reference to the fair market value on the valuation
report issued by an independent valuation firm and The9 share price
of US$11.18 prior to the respective
Memorandums of Understanding signing date. The9 will issue a total
number of 26,838,360 Class A ordinary shares (equivalent to 894,612
ADSs) to the sellers, with a lock up period of 6 months.
After the completion of these two purchases, The9 is expected to
own 36,496 Bitcoin mining machines, and the total hash rate will be
upgraded to approximately 800PH/S.
In Addition, in early February
2021, NBTC Limited, a wholly owned subsidiary of The9, had
signed a strategic cooperation framework purchase agreement with
Shenzhen MicroBT Electronics Technology Co., Ltd., the manufacturer
of WhatsMiner bitcoin mining machines for the purchase of 5,000
WhatsMiner bitcoin mining machines within one year. This will also
be expected to increase the hash rate owned by The9 upon the
continuous execution of the framework agreement. NBTC Limited will
continue to purchase different types of cryptocurrencies mining
machines with the plan to establish cryptocurrencies mining machine
facilities worldwide.
About The9 Limited
The9 Limited (The9) is an Internet company based in China listed on Nasdaq in 2004. The9 aims to
become a diversified high-tech Internet company.
Website: https://www.the9.com/en
View original
content:http://www.prnewswire.com/news-releases/the9-signed-legally-binding-memorandums-of-understanding-on-the-additional-purchase-of-bitcoin-mining-machines-301223746.html
SOURCE The9 Limited