SHANGHAI, July 14,
2022 /PRNewswire/ -- The9 Limited (NASDAQ: NCTY)
("The9" or the "Company") today announced that it has entered into
a cancellation agreement with JPKONG LTD. and Qifeng Sun Ltd.,
entities controlled by Mr. Jianping
Kong and Mr. Qifeng Sun,
respectively, to cancel the Tranche IV Warrants that were issued to
them pursuant to a share subscription and warrant purchase
agreement dated January 25, 2021
among The9, JPKONG LTD., Qifeng Sun Ltd. and other parties named
thereto (the "Purchase Agreement"). The Tranche IV Warrants that
were cancelled represented the warrants to purchase 23,099,093
Class A ordinary shares of the Company at the exercise price of
US$0.2667 per Class A ordinary share
issued to JPKONG LTD. and the warrants to purchase 11,549,547 Class
A ordinary shares of the Company at the exercise price of
US$0.2667 per Class A ordinary share
issued to Qifeng Sun Ltd. pursuant to the Purchase Agreement. Such
cancellation will not affect the terms or conditions of any other
warrants issued pursuant to the Purchase Agreement.
The9 also announced that, as approved by the board of directors
of the Company and its audit committee, the Company has made a
US$3 million strategic investment in
the initial public offering of Nano Labs Ltd (NASDAQ: NA)
("Nano Labs"), a company controlled
by Mr. Jianping Kong and Mr.
Qifeng Sun. The Company subscribed
for, and has been allocated an aggregate of 260,642 American
depositary shares ("ADSs") of Nano
Labs.
About The9 Limited
The9 Limited (The9) is an Internet company listed on Nasdaq in
2004. The9 aims to become a global diversified high-tech Internet
company, and is engaged in blockchain business including the
operation of cryptocurrency mining and Metaverse celebrity social
platform NFTSTAR.
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SOURCE The9 Limited