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We provide the latest news from the world of economics and finance
(RTTNews) - The9 Limited (NCTY) signed a legally binding term sheet with Zhejiang Fazhidao Information Technology Co. 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 the total shares of Fazhidao. The9 will pay cash consideration of $1 million and will issue restricted Class A ordinary shares to Fazhidao with the value of $14.2 million.
Fazhidao owns and operates 365LAWHELP.COM and mobile app FaBaoWang, an artificial intelligence Software as a service legal service platform in China. It has more than 120,000 cumulative paid subscribers.
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