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The9 Inks Strategic Partnership With 365LAWHELP.COM, Acquiring 19% Stake

Author: Benzinga Newsdesk | February 21, 2024 03:49am

The9 Limited (NASDAQ:NCTY) ("The9"), an established Internet company, today announced that it signed a legally binding term sheet (the "Term Sheet") with Zhejiang Fazhidao Information Technology Co., Ltd. ("Fazhidao") to purchase 19% shares of Fazhidao by cash and issuance of The9's restricted shares. The9 is also granted a purchase option to purchase up to 51% of the total shares of Fazhidao, based on a valuation calculated as 7 times of Fazhidao's audited annual profit after tax, provided that such valuation should be higher than a pre-agreed valuation

Posted In: NCTY


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