Stock Alert: The9 Jumps 25%
Shares of Shanghai-based online game operator The9 Limited (NCTY) are currently gaining about 25% after the company announced that it has agreed to acquire Montcrypto Ltd., a Canadian company, to build a 20MW supply of electricity in Calgary, Canada.
NCTY is currently trading at $13.67, up $2.73 or 24.95%, on the Nasdaq.
The9 plans to invest a total of C$7.6 million in Montcrypto in two phases to obtain the controlling stake in Montcrypto. Upon the completion of the two phases, the power capacity of the mining facilities will be 20MW, which can supply electricity to operate more than 6,000 S19j Antminers.
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