SHANGHAI, May 24, 2024
/PRNewswire/ -- The9 Limited (Nasdaq: NCTY) (the "Company"), an
established Internet company, today announced that it agreed and
signed a private placement agreement (the "Agreement") with Fine
Vision Fund, established by Finewill Capital, an internationally
renowned investment institution. The fund is dedicated to investing
in global game projects and supporting the future of the game
industry. Pursuant to the Agreement, Fine Vision Fund will invest
US$3.5 million to the Company, with
upfront investment of US$2.5 million
and second installment of US$1
million which is based on a pre-agreed condition. The
Company will issue Class A ordinary shares to Fine Vision Fund. The
value of each share for the upfront investment equals to 15.6%
premium on the average closing price over the thirty consecutive
trading days prior to the signing of the Agreement. The value of
each share for the second installment equals to 25% premium on the
average closing price over the thirty consecutive trading days
prior to the fulfillment of the pre-agreed condition. These shares
to be issued are subject to the statutory lock-up period.
"The integration of traditional and Web3 games will generate
explosive opportunities, while this combined industry is still in
early stages. Through this strategic investment, we hope to grow
with The9 into the leader in this innovative composite market."
said Mr. Ronnie Li, Managing Partner
of Fine Vision Fund.
"Fine Vision Fund has successfully incubated different Web2 and
Web3 games worldwide. I am sure the strategic investment will be a
good start of our cooperation and more and more global Web2/Web3
combined game cooperation will be coming." said Mr. George Lai, Director and CFO of the Company.
Safe Harbor Statement
This current report 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 U.S. Securities and
Exchange Commission ("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 announcement is as of the date hereof, and The9 does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
The9 Limited
17 Floor,
No. 130, Wu Song Road,
Hong Kou District,
Shanghai 200080, PRC
About Fine Vision Fund
Fine Vision Fund was established in Singapore in 2022 by Finewill Capital, an
internationally renowned investment institution. Fine Vision Fund
is dedicated to investing in global game projects and supporting
the future of the game industry. The first phase of the fund has a
scale of tens of millions of US dollars. It has invested in
different game development and distribution projects covering
MMORPG, SRPG, Sports, Strategy simulation, and casual games, etc.
The fund is enthusiastic about the innovative business model of
games and the integration of traditional game development skills
with cutting-edge blockchain technology. Through the creation of
this international game fund, it aims to infuse new energy into the
game and blockchain industry and foster its development and
growth.
Fine Vision Fund employs an open operating model. The fund's
contact detail and application channel are publicly accessible to
game teams both domestically and internationally, without any
strict restrictions on the game type or size. As the project
progresses, the total investment will continue to grow. Beyond
providing financial support to projects with great business
potential, Fine Vision Fund will also offer knowledge sharing and
overseas operating experience to game developers.
Fine Vision Fund remains positive about the long-term growth of
game industry. It is leveraging its industry resources to support
game teams worldwide and strengthening the bridge between the local
and global game industries.
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. The9 is also
stepping into AI application business in different industries.
Investor Relations
Contact
Ms. Rebecca
Cai
Investor Relations Specialist
The9 Limited
Tel: +86 (21) 6108-6080
Email: IR@corp.the9.com
Website: www.the9.com
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SOURCE The9 Limited