SHANGHAI, March 31, 2021 /PRNewswire/ -- The9 Limited
(Nasdaq: NCTY) ("The9"), an established Internet company, today
announced that it has entered into an underwriting agreement with
Maxim Group LLC under which the underwriter has agreed to purchase,
on a firm commitment basis, 3,765,100 American depositary shares
(the "ADSs") of the Company, and warrants to purchase 2,823,825
ADSs, at a price of $33.20 per ADS
and accompanying warrant, less underwriting discounts and
commissions. The warrants offered in this offering has a term of
three years and are exercisable by the holder at $36.00 per ADS at any time after the date of
issuance. The gross proceeds from the offering are expected to be
approximately $125.0 million, before
deducting underwriting discounts and commissions and estimated
offering expenses.
The Company has granted the underwriters a 45-day option to
purchase up to an additional 564,765 ADSs and/or warrant to
purchase up to an additional 423,574 ADS, in each case to cover
over-allotments, if any. The offering is expected to close on or
about April 5, 2021, subject to
customary closing conditions.
Maxim Group LLC is acting as sole book-running manager for the
offering.
The ADSs are being offered pursuant to a shelf registration
statement on Form F-3ASR (File No. 333-254878) which became
automatically effective upon filing with the U.S. Securities and
Exchange Commission (SEC) on March 30,
2021 EST time. A prospectus supplement will be filed with
the SEC and will form a part of the effective registration
statement. Copies of the prospectus supplement and accompanying
prospectus relating to the public offering may be obtained, when
available, by contacting Maxim Group LLC, 405 Lexington Avenue, 2nd
Floor, New York, NY 10174, or by
telephone at (212) 895-3500.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
About The9 Limited
The9 Limited is an Internet company based in China listed on Nasdaq in 2004. The9 aims to
become a diversified high-tech Internet company.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Such
statements are based upon management's current expectations and
current market and operating conditions and relate to events that
involve known or unknown risks, uncertainties and other factors,
all of which are difficult to predict and many of which are beyond
The9's control. The9 may also make written or oral forward-looking
statements in its periodic reports to the SEC, in its annual report
to shareholders, in press releases and other written materials and
in oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about The9's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: The9's goal and strategies; The9's expansion plans;
The9's future business development, financial condition and results
of operations; The9's expectations regarding demand for, and market
acceptance of, its products and services; The9's expectations
regarding keeping and strengthening its relationships with business
partners it collaborates with; general economic and business
conditions; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in The9's filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and The9 does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
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SOURCE The9 Limited