The9 (NCTY) said Monday it signed private placement deals with cryptocurrency investment funds Elune Capital, Fine Vision Fund, and Bripheno for an $8 million investment.
The company will issue about 302 million stock warrants to the investors, each representing the right to purchase one Class A common share. The warrants have a two-year exercise period, with some exercisable at $60 per ADS and others subject to conditions, including a strategic cooperation agreement or the launch of The9's GameFi platform.
The9 said it will create a new company to operate its global GameFi platform.
Shares of The9 were down 1.7% in recent Monday trading.
Price: 13.72, Change: -0.24, Percent Change: -1.72
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