The9 Limited American Depository Shares representing three - NCTY STOCK NEWS

The9 Limited (Nasdaq: NCTY) has appointed Cai Zhifang as CEO of its subsidiary, NBTC Limited, to spearhead blockchain and cryptocurrency initiatives. Mr. Cai, a pioneer in the blockchain sector, co-founded YiBit Digital Technology in 2013 and managed significant Bitcoin mining operations, accounting for nearly 5% of the global hash rate at its peak. His leadership aims to leverage NBTC's partnerships to enhance The9's position in the cryptocurrency market. Notably, The9 established NBTC earlier this year and has begun acquiring mining equipment.

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.