The9 Limited receives $8 million in strategic investment and will set up a new company to promote the development of GameFi platform

Odaily Planet Daily News Nasdaq-listed company The9 Limited announced that it has signed a private placement agreement with cryptocurrency investment funds Elune Capital, Fine Vision Fund and Bripheno Pte. Ltd. The three parties will invest a total of US$8 million in The9. According to the agreement, The9 will issue Class A common shares to investors at the average closing price of the 30 trading days before the signing of the agreement, and the relevant shares will comply with the statutory lock-up period. At the same time, The9 plans to set up a new company to operate its global GameFi platform, and intends to introduce a third-party international crypto foundation as a strategic partner, using its issued GameFi token as the platform's official cryptocurrency. In addition, The9 will also cooperate with cryptocurrency exchanges to promote user participation in the GameFi ecosystem. The9 will also issue a total of 302 million warrants to investors, with a validity period of two years. The exercise price of some warrants is US$60 per ADS, and the remaining warrants are divided into two batches, which will be activated after the investor or its business partner signs a strategic cooperation agreement with The9 and after the The9 GameFi platform is officially launched. The exercise price is consistent with the ADS issue price.