SHANGHAI, Nov. 30,
2023 /PRNewswire/ -- The9 Limited (Nasdaq: NCTY)
(the "Company"), an established Internet company, today announced
that it has closed a private placement securities purchase
transaction with Bripheno Pte. Ltd., a Singapore limited liability company, pursuant
to which the Company sold and issued:
- 150,000,000 Class A ordinary shares (equivalent to 500,000
American Depository Shares, or ADSs) at a price of USD12 per ADS,
- two-year 3% per annum convertible promissory note at the
purchase price of US$6 million with
the conversion price of USD15 per ADS
and
- warrants to purchase an aggregate of 120,000,000 Class A
ordinary shares (equivalent to 400,000 ADSs) at an exercise price
of US$60 per ADS. The warrants will
expire two years from the date of issuance.
All the above securities are subject to a 6-month lock up
period. The Company has raised a total of US$12 million as the aggregate consideration for
the securities. The Company plans to use proceeds to fund future
growth.
The9 Limited
17 Floor,
No. 130, Wu Song Road,
Hong Kou District,
Shanghai 200080, PRC
About The9 Limited
The9 Limited (The9) is an Internet company listed on Nasdaq in
2004. The9 aims to become a global diversified high-tech Internet
company, and is engaged in blockchain business including the
operation of cryptocurrency mining.
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SOURCE The9 Limited