The9 Signed Legally Binding Memorandums of Understanding on the Additional Purchase of Bitcoin Mining Machines
March 09 2021 - 06:00AM
PR Newswire (US)
SHANGHAI, March 9, 2021 /PRNewswire/ -- The9 Limited
(Nasdaq: NCTY) ("The9"), an established Internet company, today
announced that it signed three legally binding Memorandums of
Understanding (collectively the "MOUs") with three 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 AvalonMiner,
AntMiner and WhatsMiner, with an additional total number of 10,252
units and an additional total hash rate of approximately 192PH/S.
According to the MOUs, The9 will issue approximately 5,883,750
Class A ordinary shares (equivalent to 196,125 ADSs) to the sellers
based on The9 share price of US$38.51
prior to the MOUs, with a lock up period of 6 months. The number of
Class A ordinary shares to be issued is subject to certain price
adjustment mechanisms to be assessed 6 months after the signing of
the definitive agreements. 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.
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.
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SOURCE The9 Limited
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