Welcome to our dedicated page for The9 news (Ticker: NCTY), a resource for investors and traders seeking the latest updates and insights on The9 stock.
The9 Limited (Nasdaq: NCTY) regularly issues news and regulatory updates covering its activities in online gaming, cryptocurrency mining, Web3.5 GameFi, and AI-driven drug discovery investment. Company announcements describe The9 as an established Internet company listed on Nasdaq since 2004, with operations that include online games operation, Bitcoin mining business, and backing of the9bit gaming platform and AI-focused investee Nanyang Biologics (NYB).
News about The9 often highlights online gaming developments, such as joint venture arrangements to operate proprietary mobile games like “Ultraman: Hero Beyond Time” and “Glory All Stars,” as well as changes to publishing agreements. Updates also cover milestones for the9bit, the company’s Web3.5 GameFi platform, including user growth achievements and details of campaigns and reward events designed to engage gamers and creators.
Another recurring theme in The9’s news flow is its digital asset and token ecosystem. Press releases discuss the $9BIT token whitepaper, The9’s allocation of 19% of the token supply for its contribution to the ecosystem, and efforts to bridge Web2 gaming with Web3 rewards. The company has also issued warnings about impersonation of the9bit on crypto platforms, advising users to rely on official communication channels.
Investors and followers of NCTY news can also find updates on AI-driven drug discovery investment through The9’s stake in NYB, including NYB’s business combination agreement with RF Acquisition Corp II aimed at a Nasdaq listing. In addition, corporate governance items such as annual general meeting notices and related shareholder information are frequently reported. This news page brings these various strands together so readers can monitor The9’s gaming, crypto mining, token, and AI investment activities in one place.
The9 Limited (Nasdaq: NCTY) has signed a memorandum of understanding to acquire 70% equity in Hangzhou SuanLi Technology Co., Ltd. (Interhash) for approximately US$7 million. The payment will be made via Class A ordinary shares based on a prior closing market price of US$82.89. Established in 2019, Interhash offers cryptocurrency mining management services and aims to be a leading provider in the blockchain SaaS sector. This acquisition aligns with The9's strategy to enhance its cryptocurrency mining operations and provide decentralized services to users worldwide.
The9 Limited (Nasdaq: NCTY) announced a US$10 million framework agreement with a Filecoin mining machine vendor to purchase mining equipment in cash. The company has previously acquired and deployed mining machines, now owning an independent node on the Filecoin blockchain and achieving 8 Pebibytes of effective storage mining power. Future purchases will depend on Filecoin price trends and its economic model. The9 aims to diversify as a high-tech Internet company.
The9 Limited (Nasdaq: NCTY) announced a standby equity distribution agreement (SEDA) with YA II PN, LTD on February 5, 2021. This agreement allows The9 to sell up to US$100 million of its American Depositary Shares (ADSs) over 36 months, based on funding requirements. The preliminary purchase price will be 90% of the average of the three lowest daily volume weighted average prices during the preceding five trading days. The proceeds are intended to support The9's business growth.
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.