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The9 Limited secures $12 million for tech and crypto ventures
The9 Limited secures $12 million for tech and crypto ventures By Investing.com
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EditorPollock MondalStock Markets
Published Nov 30, 2023 06:44AM ET
© Reuters.
The9 Limited, a Shanghai-based internet company listed on NASDAQ, has successfully completed a private placement transaction, raising $12 million from Singapore’s Bripheno Pte. Ltd. This influx of capital is intended to support the company’s expansion of high-tech internet services, with a particular focus on blockchain and cryptocurrency mining sectors.
The agreement with Bripheno, a move that underscores 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 deal and is aimed at stabilizing the investment over the initial half-year post-investment.
The infusion of funds marks a significant step for The9 as it aims to strengthen its position in the global market. The company, which has been a NASDAQ-listed entity since 2004, is leveraging the raised capital to further 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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The9 Limited secures $12 million for tech and crypto ventures
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