© Reuters.
The9 Limited, a NASDAQ-listed Shanghai-based internet company, has successfully completed a private placement transaction, raising $12 million from Singapore’s Bripheno Pte. Ltd. This capital influx aims to support the expansion of the high-tech internet services company, with a particular focus on the cryptocurrency mining and blockchain sectors.
The deal with Bripheno, a move that underlines The9’s commitment to its growth strategy, includes the condition that all newly issued securities will be subject to a six-month lock-up period following the transaction. This restriction is part of the broader terms of the agreement and is intended to stabilize the investment during the initial six-month period following the investment.
The injection of funds marks an important step for The9 as it aims to strengthen its position in the global market. The company, listed on NASDAQ since 2004, is leveraging the capital raised to advance its initiatives in the rapidly evolving Internet technology landscape, particularly within the crypto mining industry, which has seen substantial growth and interest in recent years. .
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