The9 Ltd Stock Price, News & Analysis

The9 Limited (Nasdaq: NCTY) has signed six binding Memorandums of Understanding (MOUs) to acquire 10,489 Bitcoin mining machines, boosting its hash rate to approximately 251PH/S. This purchase will involve issuing around 7,178,160 Class A ordinary shares, based on a share price of $23.35. Additionally, The9 finalized agreements for a past batch of 26,007 machines at a share price of $11.18, issuing 26,838,360 shares. Following these acquisitions, The9's total hash rate will reach approximately 800PH/S, in line with its strategy to enhance its cryptocurrency mining capabilities.

The9 Limited (Nasdaq: NCTY) has signed a strategic cooperation framework purchase agreement with Shenzhen MicroBT Electronics Technology. This agreement provides The9's subsidiary, NBTC Limited, the right of first offer to buy 5,000 WhatsMiner bitcoin mining machines within a year. The initial order includes 440 WhatsMiner M32 machines. The9 also plans to acquire other cryptocurrency mining machines shortly, signaling its commitment to expanding its operations in the crypto market.

The9 Limited (Nasdaq: NCTY) announced the signing of five Memoranda of Understanding (MOUs) to purchase Bitcoin mining machines through the issuance of Class A ordinary shares. Upon completion, The9 will own 26,007 mining machines with a total hash rate of 549PH/S, representing approximately 0.36% of the global Bitcoin hash rate. The mining machines are primarily deployed in Xinjiang, Sichuan, and Gansu, China. The company will also work with a third-party valuation firm to assess the machines' fair market price and aims to finalize definitive agreements within one month.

The9 Limited (Nasdaq: NCTY) has signed a legally binding cooperation and investment term sheet with notable investors from the cryptocurrency mining industry, including Jianping Kong. The agreement includes the issuance of 8,108,100 Class A ordinary shares at US$0.1233 each and 207,891,900 warrants. If exercised, The9 could raise approximately US$34 million. The company aims to establish a new subsidiary, NBTC Limited, to focus on cryptocurrency mining and targets to achieve a significant global hash rate of Bitcoin and Ethereum.

The9 Limited (Nasdaq: NCTY) announced its annual general meeting on December 22, 2020, at 2:00 p.m. in Shanghai. No proposals will be presented for shareholder approval; the meeting is intended as an open forum for discussion between shareholders and management. The record date for determining eligible shareholders is set for November 27, 2020. Shareholders can access the notice of the meeting and the annual report containing audited financials for the fiscal year ended December 31, 2019 on the company's website or through the SEC.

The9 Limited (Nasdaq: NCTY) announced receipt of a notification from Nasdaq indicating non-compliance with the minimum Market Value of Listed Securities (MVLS) requirement, which is set at US$35 million. The company's MVLS fell below this threshold for 30 consecutive business days, triggering a compliance period of 180 days ending May 11, 2021, to regain compliance. If compliance is not met within this timeframe, The9 may face delisting from Nasdaq.

The9 Limited (Nasdaq: NCTY) has announced it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). The notification from Nasdaq was received on November 2, 2020, confirming that the matter is now closed. This development marks a significant step for The9, which seeks to solidify its position as a diversified Internet company based in China. The company was initially listed on Nasdaq in 2004.

The9 Limited (Nasdaq: NCTY) has completed an underwritten offering of 23.5 million American depositary shares (ADSs) and warrants at a price of US$0.37 per ADS and Warrant. Each warrant is exercisable for one ADS at the same price and expires in three years. The offering, managed by Maxim Group LLC, includes an option for the underwriter to purchase an additional 3.525 million ADSs and/or warrants. The net proceeds will primarily fund mobile game development, game license payments, and hyper-casual game operations.

The9 Limited (Nasdaq: NCTY) announced the pricing of an underwritten public offering of 23,500,000 American depositary shares (ADSs) and warrants at a combined price of US$0.37. Each warrant is immediately exercisable for one ADS and expires in three years. The underwriter has a 45-day option to purchase an additional 3,525,000 ADSs and/or warrants. Proceeds will primarily support mobile game development and operations. No assurance is provided that the offering will be completed.