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In Pre-Market Trading, What Is Driving The9 Limited’s (NCTY) 15% Rise?

HYMC Stock

HYMC Stock

The9 Limited (Nasdaq: NCTY) shares are on the uptick this morning, continuing the previous session’s rally. As of this writing, the stock was up +15.51% to $61.00 while it has added an impressive +37.13% to close the last session at $52.81.

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A volatility score of 25.40% is recorded for the week, and 28.60% for the month. The recent price level indicates a distance of 10.05% from SMA-20, and there is a distance of 102.86% between the current price level and SMA-50 while that is 406.06% for SMA-200.

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NCTY announcing Tuesday said that it completed the signing of three legally binding Memorandums of Understanding (MOUs) with three separate Bitcoin mining machine owners to purchase bitcoin mining machines. The9 Limited will issue Class A Ordinary Shares to each of its buyers.

Different brands of Bitcoin mining machines, such as AvalonMiner, AntMiner, and WhatsMiner, are included in this batch. The total number of units in this batch of Bitcoin mining machines is 10,252, with a maximum hash rate of approximately 192PH/S.

The number of ordinary shares of Class A to be issued is subject to certain price adjustments to be assessed 6 months after the definitive agreements have been signed. This will involve the appointment of an independent valuation firm to assess the fair market value of Bitcoin mining machines. If needed, the number of ordinary shares will be adjusted accordingly.

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The company also this month announced that it will be releasing its 2020 unaudited financial results and recent development on the cryptocurrency mining business on March 29, 2021. The company will be discussing that performance and developments on a conference call with a webcast on March 30, 2021, at 8:00 AM U.S. Eastern Time.

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