2021-01-04 06:03:39 NCTY The9
Canaan
01/04/21 01/0406:03 01/04/2106:03 | The9 signs term sheet with mining investors to start cryptocurrencies businessThe9 (NCTY) announced that it signed a legally binding cooperation and investment term sheet with several investors in the cryptocurrencies mining industry including Jianping Kong, the former director and co-chairman of Canaan (CAN), Qifeng Sun, the former director of Canaan, Li Zhang and Enguang Li. Pursuant to the term sheet, The9 will issue Class A ordinary shares and warrants to the Investors. The9 is expected to receive proceeds from the transactions contemplated under the term sheet in accordance with certain pre-agreed conditions, if realized. The investors are expected to utilize their cryptocurrencies mining industry resources to assist The9 for its development of cryptocurrencies mining business. The9 will set up a new wholly owned subsidiary NBTC Limited to operate its blockchain and cryptocurrencies business. THe company said, "Pursuant to the Term Sheet, The9 will issue 8,108,100 Class A ordinary shares (equivalent to 270,270 ADSs) at US$0.1233 per Class A ordinary share (equivalent to US$3.7 per ADS) and 207,891,900 warrants, each warrant representing the right to purchase one Class A Ordinary share (equivalent to 6,929,730 ADSs assuming full exercise of warrants) to the Investors. The warrants will be divided into four equal tranches. The exercise price of three tranches of warrants is US$0.1233 per Class A ordinary share (equivalent to US$3.7 per ADS) while the exercise price of the other tranche of warrants is US$0.2667 per Class A ordinary share (equivalent to US$8 per ADS). Each tranche of the warrants is subject to its vesting conditions including market capitalization of The9 reaching US$100 million, US$300 million, US$500 million and US$1 billion within the timeframes of 6 months, 12 months, 24 months and 36 months, respectively. If the Investors exercise all of the warrants, The9 is expected to raise an aggregate consideration of approximately US$34 million in this transaction from the Class A ordinary shares issuance consideration and warrants exercise. The9 has the right to decide whether the Investors shall make payments in the form of U.S. dollars or cryptocurrencies (including Bitcoin) in the definitive agreement." The9
Canaan
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