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

Reuters02-21

Feb 21 (Reuters) - The9 Ltd :

* 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: Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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