The9 Limited announced that it has agreed and signed a private placement agreement with Fine Vision Fund, established by Finewill Capital, an internationally recognized investment institution.
The fund is dedicated to investing in global gaming projects and supporting the future of the industry. Under the Agreement, Fine Vision Fund will invest US$3.5 million in the Chinese Company, with an initial investment of US$2.5 million and a second installment of US$1 million, subject to a pre-agreed condition.
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Strategic Investment in Class A Shares and Prospects for Innovative Growth
The Company will issue shares of Class A common stock to Fine Vision Fund. The value of each share for the initial investment is equivalent to a 15.6% premium over the average closing price during the thirty consecutive trading days prior to the signing of the Agreement. The value of each share for the second delivery is equivalent to a 25% premium over the average closing price during the thirty consecutive trading days prior to fulfillment of the pre-agreed condition. These shares to be issued are subject to the statutory lock-up period.
«The integration of traditional games and Web3 will generate explosive opportunities, while this combined industry is still in its early stages. Through this strategic investment, we look forward to growing with The9 to become a leader in this innovative composite market,” announced Mr. Ronnie Li, Managing Partner of Fine Vision Fund.
«Fine Vision Fund has successfully incubated different Web2 and Web3 games around the world. I am confident that the strategic investment will be a good start for our cooperation and more global Web2/Web3 combined gaming collaborations will come,” said Mr. George Lai, Director and CFO of the Company.
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