SHANGHAI, Feb. 8, 2021 /PRNewswire/ — The9 Restricted (Nasdaq: NCTY) (“The9”), a longtime Web firm, in the present day introduced that it signed six legally binding Memorandums of Understanding (collectively the “MOUs”) with six unrelated Bitcoin mining machine homeowners to buy Bitcoin mining machines by the issuance of Class A atypical shares. This batch of Bitcoin mining machines contains totally different manufacturers reminiscent of 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 Inside Mongolia in China. Based on the MOUs, The9 will problem roughly 7,178,160 Class A atypical 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 unbiased valuation agency to conduct examination and evaluation of the Bitcoin mining machine honest market worth, and can make adjustment to the variety of Class A atypical 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 with regards to the honest market worth on the valuation report issued by an unbiased valuation agency and The9 share worth of US$11.18 previous to the respective Memorandums of Understanding signing date. The9 will problem a complete variety of 26,838,360 Class A atypical 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 predicted to personal 36,496 Bitcoin mining machines, and the full hash price will probably be upgraded to roughly 800PH/S.
In Addition, in early February 2021, NBTC Restricted, a completely owned subsidiary of The9, had signed a strategic cooperation framework buy settlement with Shenzhen MicroBT Electronics Know-how Co., Ltd., the producer of WhatsMiner bitcoin mining machines for the acquisition of 5,000 WhatsMiner bitcoin mining machines inside one yr. This can even be anticipated to extend the hash price owned by The9 upon the continual execution of the framework settlement. NBTC Restricted will proceed to buy various kinds of cryptocurrencies mining machines with the plan to ascertain cryptocurrencies mining machine services worldwide.
About The9 Restricted
The9 Restricted (The9) is an Web firm primarily based in China listed on Nasdaq in 2004. The9 goals to change into a diversified high-tech Web firm.
Web site: https://www.the9.com/en
SOURCE The9 Restricted