SHANGHAI, June 9, 2017 /PRNewswire/ -- The9 Limited (the
"Company" or "The9") (NASDAQ: NCTY), an online game operator, today
announced that effective on June 8,
2017 (the "Effective Date"), its board of directors has
repriced and accelerated the vesting of stock options to purchase a
total of 17,135,200 ordinary shares, par value US$0.01 each, of the Company (the "Shares"),
which were previously awarded to certain directors and employees
(the "Grantees") under the Company's 2004 Stock Option Plan, as
amended (the "Plan"). In exchange therefor, such Grantees have
agreed to the cancellation of stock options to purchase 10,806,667
Shares and have immediately exercised the balance of stock options
to acquire a total of 6,328,533 American depositary shares, each
representing one Share, which have been determined by an
independent appraisal firm to have the same fair value as the stock
options subject to repricing and acceleration. The ADSs acquired
will be subject to a six-month lock-up period commencing from the
date of acquisition. The decision to reprice and accelerate the
vesting of the stock options outstanding under the Company's Plan
was intended to lower future reported compensation expense.
Immediately upon the exercise of the above-said stock options, the
total number of outstanding Shares of the Company increased to
55,244,034.
About The9 Limited
The9 Limited is an online game developer and operator in
China. The9 develops and/or
operates, directly or through its affiliates, its proprietary
mobile games and web games, including CrossFire new mobile game,
Audition AR and Soul Awake. The9's joint venture has also obtained
an exclusive license for publishing and operating CrossFire 2,
which is under development by a third-party game developer, in
China. The9 also engages in mobile
advertising and mobile app education businesses.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Statements that are
not historical facts, including statements about The9's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential
risks and uncertainties include, but are not limited to, political
and economic policies of the Chinese government, the laws and
regulations governing the online game industry, information
disseminated over the Internet and Internet content providers in
China, intensified government
regulation of Internet cafes, The9's ability to retain existing
players and attract new players, The9's ability to license, develop
or acquire additional online games that are appealing to users,
The9's ability to anticipate and adapt to changing consumer
preferences and respond to competitive market conditions, and other
risks and uncertainties outlined in The9's filings with the U.S.
Securities and Exchange Commission, including its annual reports on
Form 20-F. The9 does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For further information, please contact:
Ms. Connie Sun
Investor Relations Manager
The9 Limited
Tel: +86 (21) 5172-9990
Email: IR@corp.the9.com
Website: http://www.corp.the9.com/
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SOURCE The9 Limited