PANews reported on April 1st that according to official sources, Nasdaq-listed internet company The9 Limited announced the signing of a private placement agreement with cryptocurrency investment funds Elune Capital, Fine Vision Fund, and Bripheno Pte. Ltd. According to the agreement, investors will inject $8 million into The9. The9 will issue Class A common shares to investors at the average closing price of the 30 trading days before the agreement was signed, and the issued shares will be subject to statutory lock-up period regulations.

The9 will establish a new company to operate its global GameFi platform. The company plans to collaborate with third-party international cryptocurrency foundations, using the GameFi tokens issued by the foundation as the platform's official cryptocurrency, and will also work with cryptocurrency exchanges to encourage crypto users to join The9's GameFi ecosystem.

The9 will issue 302,263,200 warrants to investors, with a two-year validity period. Part of the warrants have an exercise price of $60 per ADS, with the remaining warrants divided into two batches: the first batch can be exercised after the investors or their business partners sign a strategic cooperation agreement with The9, and the second batch must be exercised after The9's GameFi platform is officially launched, with the exercise price being the same as the ADS issuance price in this agreement.