The9 Limited (NASDAQ:NCTY) Stock Rallies After Private Placement

It is imperative for investors to be as aware of the latest moves in the market as possible so that they never end up overlooking key opportunities. In recent days, The9 Limited (NASDAQ:NCTY) stock has been in the middle of a strong rally, and it continued yesterday as it ended up with gains of 16%. The gains that it made yesterday took the gains made over the past month to as much as 57%.

The company is an established internet firm, and on Thursday it announced that it was successful in the private placement of its securities with Bripheno Pte Ltd. Bripheno is a limited liability company based in Singapore.

As per the terms of the private placement, the company issued and sold 150000000 Class A ordinary shares (equal to 500000 ADS or American Depository Shares) for the price of $12 for each ADS. It also issued and sold a 3% per year, two-year promissory note for the purchase price of $6 million, and the conversion price for the same was $15 an ADS. Last but not least, the company also issued warrants for purchasing a total of 12,0000,000 Class A ordinary shares (equal to 400,000 ADS) for the exercise price of $60 an ADS. The warrants could be exercised for up to two years from the date of issuance.

Processa Pharmaceuticals was in the news cycle on November 17 when it announced that it would hold an annual general meeting on December 22, 2023. The meeting would begin at 2 in the afternoon at the BNY Mellon Office in Hong Kong. The company revealed at the time that no proposals were going to be submitted to the shareholders for approval. However, it would function as an open forum for the shareholders.