Brief: The9 Signed A Term Sheet With A Leading AI Saas Legal Service Platform 365Lawhelp.Com

The9

21/02/2024 06:11

Feb 21 (Reuters) - The9 Ltd  NCTY.O :
    * THE9 SIGNED A LEGALLY BINDING TERM SHEET WITH A LEADING AI
SAAS
LEGAL SERVICE PLATFORM 365LAWHELP.COM
    * THE9 WILL PAY CASH CONSIDERATION OF US$1 MILLION AND WILL
ISSUE
RESTRICTED CLASS A ORDINARY SHARES TO FAZHIDAO WITH VALUE OF
US$14.2 MILLION
    * THE9 - A PORTION OF RESTRICTED SHARES WILL BE RELEASED
FROM
LOCK-UP WHEN MARKET CAP OF THE9 WILL REACH US$200 MILLION,
US$500 MILLION, US$1 BILLION RESPECTIVELY
    * SIGNED A TERM SHEET WITH 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
TOTAL SHARES OF FAZHIDAO
    * FAZHIDAO MAY UNDERGO CERTAIN RESTRUCTURING TO FACILITATE
THESE
CONDITIONS

Source text for Eikon:  ID:nPnbPnqDja 
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