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The company has reached a non-binding terms and conditions statement

Source: Internet
Author: User
Keywords Announce issue common stock Nineth city
Tags common stock company developed development game multiplayer multiplayer online online
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The Nineth City (NASDAQ:NCTY) announced today that the company has reached a non-binding terms and conditions that may be issued by the Nineth City subsidiary Red5 UBM to Shanghai Oriental Pearl Culture Development Co., Ltd. (hereinafter referred to as "pearl Culture") and Red5 UBM's specific shareholders may also sell common shares to the pearl culture, with a total investment of 23.9457 million dollars.

Red5 UBM developed the large multiplayer online game "Fire Waterfall" (Firefall) is valued at $100 million.

After the deal is completed, the pearl culture will become a minority shareholder holding a 20.01% stake in Red5 UBM, while Red5 UBM will remain the Nineth City subsidiary. Pearl Culture is a wholly-owned subsidiary of Shanghai Oriental Pearl (Group) Co., Ltd. (sh:600832), the latter is a Chinese listed company, mainly engaged in Chinese culture and entertainment related activities.

The transaction is subject to due diligence and other related work, and the parties do not guarantee that the final investment document will be reached or that the transaction will be completed.

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