MEGA MATRIX CORP. Provides Business Update
19 March 2024 - 7:15AM
Mega Matrix Corp. ("MPU" or the "Company") (NYSE American: MPU),
today provided a business update.
Recent Events
During the first quarter of 2024, the company
ceased its crypto-related business operation and is concentrating
on its short drama streaming services. This transition is evident
by the following significant events:
- On
November 15, 2023, the Company entered into a non-binding letter of
intent to acquire 60% of the voting capital stock of Yuder Pte,
Ltd. On January 8, 2024, the Company closed the acquisition of its
interest in Yuder, a company that operates FlexTV, a leading short
drama streaming platform based in Singapore, specializing in
producing English and Thai dramas.
- On
January 20, 2024, FlexTV's rose to 8th position in the Apple App
Store Entertainment Top Charts (Free Apps, U.S.).
-
FlexTV's total unaudited top-up and subscription fee from the users
for January and February 2024 reached a total of $6.5 million,
marking a 360% increase compared to the combined total unaudited
amount of top-up and subscription fee for November and December
2023. We anticipate that the rate of growth will continue.
- As
of March 5, 2024, the Company has ceased its solo-staking business
operations.
Financial Highlights
- The
Company closed the private placements of $3.7 million during
December 2023 through January 2024.
- The
Company has filed its Form 10-K for the year ended December 31,
2023. Investors may access the report at www.sec.gov.
Management Commentary
Mr. Yucheng Hu, CEO of Mega Matrix Corp. said,
“In Q4 of 2023, Mega Matrix Corp. strategically transitioned away
from the cryptocurrency sector, redirecting our focus towards
FlexTV, our short drama platform designed for the vertical screen
era. This shift reflects our commitment to adaptability and market
responsiveness.
As we enter 2024, our primary objective is to
enhance FlexTV's offerings to meet the evolving preferences of our
audience. Leveraging our expertise in content creation and
distribution, we aim to capitalize on the increasing demand for
immersive, bite-sized content experiences.
Our commitment to delivering captivating content
remains steadfast. We are confident that this strategic realignment
will not only drive success for FlexTV but also solidify our
position as pioneers shaping the future of entertainment, providing
shareholders with even greater returns on their investment.”
Preliminary Information
The unaudited financial and operational
information presented in this press release is preliminary and may
change. MPU’s financial closing procedures with respect to the
estimated financial information provided in this press release are
not yet complete, and as a result, the Company's final results may
vary materially from the preliminary results included in this press
release. MPU undertakes no obligation to update or supplement the
information provided in this press release until the Company
releases its financial statements for the three months ended March
31, 2024. The preliminary financial information included in this
press release reflects the Company's current estimates based on
information available as of the date of this press release and has
been prepared by Company management. This preliminary financial and
operational information should not be viewed as a substitute for
full financial statements prepared in accordance with GAAP and is
not necessarily indicative of the results to be achieved for the
current and any future periods. This preliminary financial and
operational information could be impacted by the effects of
financial closing procedures, final adjustments, and other
developments. FlexTV financial information is before any
adjustments to reflect the Company’s 60% interest.
About Mega Matrix: Mega Matrix
Corp. (NYSE AMEX: MPU) is a holding company and operates FlexTV, a
short-video streaming platform and producer of short dramas,
through Yuder Pte, Ltd., an indirect majority-controlled subsidiary
of Mega Matrix. Mega Matrix is a Delaware corporation headquartered
in Palo Alto, CA. For more information, please contact
info@megamatrix.io or visit: http://www.megamatrix.io.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
All statements in this press release other than statements that are
purely historical are forward looking statements. When used in this
press release, the words "estimates," "projected," "expects,"
"anticipates," "forecasts," "plans," "intends," "believes,"
"seeks," "may," "will," "should," "future," "propose," and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees for future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the Company's control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements. Important factors, among others, are: the ability to
manage growth; ability to identify and integrate future
acquisitions; ability to grow and expand our FlexTV business;
ability to obtain additional financing in the future to fund
capital expenditures; fluctuations in general economic and business
conditions; costs or other factors adversely affecting the
Company's profitability; litigation involving patents, intellectual
property, and other matters; potential changes in the legislative
and regulatory environment; a pandemic or epidemic; ; the
possibility that the Company may not succeed in developing its new
lines of businesses due to, among other things, changes in the
business environment, competition, changes in regulation, or other
economic and policy factors; and the possibility that the Company’s
new lines of business may be adversely affected by other economic,
business, and/or competitive factors. The forward-looking
statements in this press release and the Company's future results
of operations are subject to additional risks and uncertainties set
forth under the heading "Risk Factors" in documents filed by the
Company with the Securities and Exchange Commission, including the
Company's latest annual report on Form 10-K, and are based on
information available to the Company on the date hereof. In
addition, such risks and uncertainties include the Company's
inability to predict or control bankruptcy proceedings and the
uncertainties surrounding the ability to generate cash proceeds
through the sale or other monetization of the Company's assets. The
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date of this
press release.
Contact: Info@megamatrix.io
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