The9 Signed a Definitive Share Purchase Agreement to Invest in AI-Powered Educational Technology Company

June 2, 2024

https://www.prnewswire.com/news-releases/the9-signed-a-definitive-share-purchase-agreement-to-invest-in-ai-powered-educational-technology-company-302161444.html

SHANGHAI, June 2, 2024 /PRNewswire/ — The9 Limited (Nasdaq: NCTY) (“The9”), an established Internet company, today announced that it signed a definitive share purchase agreement (the “Agreement”) with Wuhan Weixiang Science And Technology Co., Ltd. (“WeiXiang”), an AI-powered educational technology company in China, to purchase 19% of WeiXiang 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 WeiXiang based on a valuation calculated as 7 times of Weixiang’s audited annual profit after tax, provided that such valuation should be higher than US$45 million.

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