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The9 Limited (Nasdaq: NCTY) is a diversified high-tech Internet company headquartered in Shanghai, listed on Nasdaq since 2004. Initially known for securing the exclusive license to operate and distribute the popular online game World of Warcraft in China, The9 has since expanded its operations into several cutting-edge sectors.
The9 operates a robust cryptocurrency mining business, providing computing power to Bitcoin mining pools in exchange for a fractional share of Bitcoin. This solid revenue stream is complemented by their initiatives in AI and blockchain technology.
One of The9's notable projects is Shenma.io, a digital human SaaS platform driven by AI-generated content (AIGC). With 350,000 registered users and a library of 150,000 short video scripts, Shenma.io allows users to create and monetize digital human clones with proprietary cloning technology, enhancing content management and engagement.
The9's strategic expansion into AI applications is further evidenced by their investment in WM Therapeutic, a company developing AI-driven solutions for brain diseases. The recent acquisition of a 21.7% share in WM Therapeutic brings The9's total stake to 30%, with an option to increase this to 51%. WM Therapeutic uses GenAI and multi-dimensional omics technology for precision diagnostics and treatment of central nervous system disorders.
Another significant venture is The9’s partnership with Kuaijin Shidai, an AI-powered retail platform transforming traditional stores into unmanned retail outlets, significantly reducing operational costs and enhancing profitability. The9 has purchased a 15% stake in Kuaijin, with an option to increase this to 51%.
In the education sector, The9 has acquired a 19% stake in Weixiang, an AI-powered educational technology company. Weixiang leverages AI to enhance online schooling through platforms like TikTok and WeChat, reaching millions of followers and providing innovative educational solutions.
The9 continues to show strong growth and diversification, focusing on blockchain technology, AI applications, and strategic investments in high-potential companies. With a commitment to technological innovation and market expansion, The9 aims to solidify its position as a leader in the global tech industry.
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.
The9 Limited (Nasdaq: NCTY) has signed an agreement with Voodoo, a leading French game developer, to publish and operate casual games in mainland China. This collaboration includes two licensed games with an option for a third, leveraging Voodoo's extensive experience in In-App Purchases and popular game IPs. Voodoo has over 3.7 billion game downloads and aims to tap into the growing casual gaming market in China. The partnership is expected to enhance The9's market share in casual games, utilizing Voodoo's data-driven optimization techniques.
The9 Limited (Nasdaq: NCTY), a Chinese Internet company, announced on August 6, 2020, that it has received a notification from Nasdaq confirming its compliance with the minimum market value of listed securities requirement under Rule 5550(b)(2). This notification, received on August 5, 2020, indicates that The9 has successfully addressed previous compliance issues, and the matter is now considered closed.
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