PANews reported on April 1 that according to official news, Nasdaq-listed Internet company The9 Limited announced that it has signed a private placement agreement with cryptocurrency investment funds Elune Capital, Fine Vision Fund and Bripheno Pte. Ltd. According to the agreement, the investors will inject $8 million into The9. The9 will issue Class A common shares to the investors at the average closing price of the 30 trading days before the signing of the agreement, and the issued shares will comply with the statutory lock-up period.
The9 will set up a new company to operate its global GameFi platform. The company plans to cooperate with a third-party international cryptocurrency foundation to use the GameFi token issued by the foundation as the platform's official cryptocurrency. At the same time, it will cooperate with cryptocurrency exchanges to encourage platform crypto users to join The9's GameFi ecosystem.
The9 will issue 302,263,200 warrants to investors, with a validity period of two years. Some warrants will be exercised at $60 per ADS, and the remaining warrants will be divided into two batches: the first batch can be exercised after the investor or its business partner signs a strategic cooperation agreement with The9, and the second batch will be exercised after The9's GameFi platform is officially launched, and the exercise price is the same as the ADS issuance price of this agreement.
