MultiMetaVerse Holdings Limited Announces Signing of Definitive Agreement to Acquire Bowong Technology
02 December 2024 - 9:00PM
MultiMetaVerse Holdings Limited (NASDAQ: MMV) (“MMV” or the
“Company”), a leading animation and entertainment company for young
consumers in China, today announced that it has signed a definitive
share exchange agreement (the “Share Exchange Agreement”) with the
shareholders (the “Transferors”) of Bowong AI Limited (“Bowong
Cayman”), which, after a series of restructuring transactions, is
expected to indirectly hold 100% equity interests in Bowong
Technology (Shenzhen) Co., Ltd. (“Bowong Technology”). Bowong
Technology is a company equipped with cutting-edge technologies
that is vertically integrated in the AI e-commerce sector. It
focuses on delivering comprehensive AI technologies and services
for sellers on both emerging social e-commerce platforms and
traditional e-commerce platforms.
The Share Exchange Agreement supersedes a
non-binding term sheet between the Company and Bowong Technology,
which was announced on October 2, 2024. Pursuant to the Share
Exchange Agreement, each of the Transferors agrees to sell and
transfer to the Company all of the shares of Bowong Cayman he
beneficially owns, and in exchange and as consideration therefor,
the Company agrees to issue and allot an aggregate
of 37,000,000 Class A ordinary shares to such Transferors.
Upon completion of the foregoing, Bowong Cayman will become a
wholly-owned subsidiary of the Company, and Bowong Technology and
all the subsidiaries and affiliates controlled by it will become
consolidated subsidiaries and affiliates of the Company.
The transaction is subject to the completion of
the requisite corporate and other approvals and customary closing
conditions. There can be no assurance that the transaction will be
consummated in a timely manner, or at all.
About MultiMetaVerse Holdings
Limited
MultiMetaVerse Holdings Limited (NASDAQ: MMV) is
an animation and entertainment company dedicated to providing a
high-quality, immersive entertainment experience through original,
user-generated, and professional user-generated content. MMV
commenced animation production in 2015 under its signature Aotu
World brand, which has attracted a broad following with its
inspiring storyline and unique graphic style, particularly among
younger audiences in China. By leveraging the company’s established
user base, MMV has built a diverse product portfolio, including
animated content, comic books, short videos, collectibles,
stationery, consumer products, and mobile games across the Aotu
World brand. It has also developed and augmented new brands,
stories, and characters, such as Neko Album.
Safe Harbor Statements
This press release contains forward-looking
statements which generally are identified by the words “believe,”
“project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions. Without limiting the generality of the
foregoing, the forward-looking statements in this press release
include descriptions of the Company’s future commercial operations.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, such as the Company’s inability to implement its business
plans, identify and realize additional opportunities, or meet or
exceed its financial projections and changes in the regulatory or
competitive environment in which the Company operates. You should
carefully consider the foregoing factors and the other risks and
uncertainties described in the Company’s Annual Report on Form 20-F
and other documents filed or to be filed by the Company with the
SEC from time to time, which could cause actual events and results
to differ materially from those contained in the forward-looking
statements. All information provided herein is as of the date of
this press release, and the Company undertakes no obligation to
update any forward-looking statement, except as required under
applicable law.
For more information, please visit
https://www.multi-metaverse.com/.
For investor and media inquiries, please
contact:
MultiMetaVerse Holdings LimitedInvestor
RelationsE-mail: ir@multi-metaverse.com
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