SHANGHAI, Feb. 8, 2021 /PRNewswire/ — The9 Restricted (Nasdaq: NCTY) (“The9”), a longtime Web firm, right now introduced that it signed six legally binding Memorandums of Understanding (collectively the “MOUs”) with six unrelated Bitcoin mining machine house owners to buy Bitcoin mining machines by the issuance of Class A peculiar shares. This batch of Bitcoin mining machines consists of totally different manufacturers comparable to WhatsMiner, AntMiner and AvalonMiner, with a complete variety of 10,489 models and a complete hash price of roughly 251PH/S. These Bitcoin mining machines have already been deployed in Qinghai, Xinjiang and Interior Mongolia in China. In line with the MOUs, The9 will difficulty roughly 7,178,160 Class A peculiar shares (equal to 239,272 ADSs) to the sellers primarily based on The9 share worth of US$23.35 previous to the MOUs, with a lock up interval of 6 months. The9 will designate an impartial valuation agency to conduct examination and evaluation of the Bitcoin mining machine truthful market worth, and can make adjustment to the variety of Class A peculiar shares to be issued if wanted. The9 expects to finish the signing of the definitive agreements inside one month after the signing of the MOUs.
The9 additionally introduced that it accomplished the signing of the definitive agreements for the final batch of 26,007 Bitcoin mining machines just about the truthful market worth on the valuation report issued by an impartial valuation agency and The9 share worth of US$11.18 previous to the respective Memorandums of Understanding signing date. The9 will difficulty a complete variety of 26,838,360 Class A peculiar shares (equal to 894,612 ADSs) to the sellers, with a lock up interval of 6 months.
After the completion of those two purchases, The9 is anticipated to personal 36,496 Bitcoin mining machines, and the whole hash price might be upgraded to roughly 800PH/S.
In Addition, in early February 2021, NBTC Restricted, an entirely owned subsidiary of The9, had signed a strategic cooperation framework buy settlement with Shenzhen MicroBT Electronics Expertise Co., Ltd., the producer of WhatsMiner bitcoin mining machines for the acquisition of 5,000 WhatsMiner bitcoin mining machines inside one 12 months. This may also be anticipated to extend the hash price owned by The9 upon the continual execution of the framework settlement. NBTC Restricted will proceed to buy several types of cryptocurrencies mining machines with the plan to ascertain cryptocurrencies mining machine amenities worldwide.
About The9 Restricted
The9 Restricted (The9) is an Web firm primarily based in China listed on Nasdaq in 2004. The9 goals to turn out to be a diversified high-tech Web firm.
Web site: https://www.the9.com/en
SOURCE The9 Restricted