The9 Limited (Nasdaq: NCTY), a prominent Internet company, has announced a substantial investment from Fine Vision Fund, a venture of the globally recognized Finewill Capital. This strategic partnership underscores Fine Vision Fund’s commitment to fostering growth and innovation in global gaming projects.
Under the terms of the private placement agreement, Fine Vision Fund will channel a total of $3.5 million into The9 Limited. The investment will be distributed in two phases: an initial $2.5 million followed by a $1 million installment, contingent upon a pre-established condition.
In exchange for the capital infusion, The9 Limited will issue Class A ordinary shares to Fine Vision Fund. These shares carry a 15.6% premium over the average closing price of the thirty days leading up to the agreement for the first tranche. The second tranche will be valued at a 25% premium, based on the same average closing price metric, once the specified condition is met.
The newly issued shares will adhere to the standard statutory lock-up period, ensuring a stable and long-term investment. This deal not only provides The9 Limited with a financial boost but also aligns it with Fine Vision Fund’s vision of a thriving future for the game industry.
“The integration of traditional and Web3 games will generate explosive opportunities, while this combined industry is still in early stages. Through this strategic investment, we hope to grow with The9 into the leader in this innovative composite market.” said Mr. Ronnie Li, Managing Partner of Fine Vision Fund.
“Fine Vision Fund has successfully incubated different Web2 and Web3 games worldwide. I am sure the strategic investment will be a good start of our cooperation and more and more global Web2/Web3 combined game cooperation will be coming.” said Mr. George Lai, Director and CFO of the Company.