SHANGHAI, April 9, 2021 /PRNewswire/ -- The9 Limited
(Nasdaq: NCTY) ("The9"), an established Internet company, today
announced that it signed a legally binding Memorandum of
Understanding (the "MOU") with an unrelated Bitcoin mining machine
owner to purchase Bitcoin mining machines by the issuance of Class
A ordinary shares. This batch of Bitcoin mining machines consists
of 2,000 units of AvalonMiners with total hash rate of
approximately 100PH/S. According to the MOUs, The9 will issue
approximately 8,127,390 Class A ordinary shares (equivalent to
270,913 ADSs) to the sellers based on The9 share price of
US$24.81 prior to the MOU, 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.
The9 also announced that it completed the signing of the
definitive agreements for 12,246 units of Bitcoin mining machines
with total hash rate of approximately 288PH/S. The number of Class
A ordinary shares to be issued is calculated with reference to the
fair market values on the valuation reports issued by an
independent valuation firm and The9 share price prior to the
respective Memorandums of Understanding signing date. The9 will
issue a total number of 9,387,840 Class A ordinary shares
(equivalent to 312,928 ADSs) to the sellers, with a lock up period
of 6 months.
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