The9 LTD (NCTY) AI Dilution Summary

Estimated cash was $1,875,000 as of 2026-06-30, matching the $1,875,000 reported at the 2026-06-30 balance-sheet date, against estimated monthly burn of $693,500. Dilution here is driven primarily by the $8,800,000 September 2025 Streeterville convertible note, maturing 2026-09-22. It converts into ADSs at 90% of the lower of the five-day average closing price and the prior day's close, with no floor disclosed, so the number of shares issuable rises as the price falls.