The9 Signed a Legally Binding Term Sheet with a Leading AI SaaS Legal Service Platform 365LAWHELP.COM

February 21, 2024

https://www.prnewswire.com/news-releases/the9-signed-a-legally-binding-term-sheet-with-a-leading-ai-saas-legal-service-platform-365lawhelpcom-302066911.html

SHANGHAI, Feb. 21, 2024 /PRNewswire/ — 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.

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