PALO
ALTO, Calif., Aug. 2, 2024
/PRNewswire/ -- Mega Matrix Corp. ("MPU" or the "Company") (NYSE
American: MPU), today announced that it has entered into definitive
agreements for the issuance and sale of an aggregate of 681,818
shares of its common stock (or common stock equivalents in lieu
thereof), short-term series A warrants to purchase up to 681,818
shares of common stock and series B warrants to purchase up to
681,818 shares of common stock at a purchase price of $2.20 per share (or per common stock equivalent
in lieu thereof) and accompanying warrants in a private placement.
The short-term series A warrants and series B warrants will have an
exercise price of $2.20 per share and
will be exercisable immediately upon issuance. The short-term
series A warrants will expire twenty-four months following the
issuance date and the series B warrants will expire five and
one-half years following the issuance date. The closing of the
private placement is expected to occur on or about August 5, 2024, subject to the satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the private placement.
The gross proceeds to the MPU from the offering are expected to
be approximately $1.5 million, before
deducting the placement agent's fees and other offering expenses
payable by MPU, and excluding the proceeds, if any, from the
exercise of the warrants. MPU currently intends to use the net
proceeds from the offering for working capital and general
corporate purposes.
The securities described above are being offered in a private
placement under Section 4(a)(2) of the Securities Act of 1933, as
amended (the "Securities Act"), and/or Regulation D promulgated
thereunder and, along with the shares of common stock underlying
the warrants, have not been registered under the Securities Act, or
applicable state securities laws. Accordingly, the securities
described above, including the shares of common stock underlying
the warrants, may not be offered or sold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Securities Act and such
applicable state securities laws. Pursuant to a registration rights
agreement, the Company has agreed to file a resale registration
statement covering the securities described above.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities in this offering,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
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 that include, but are not limited
to, statements related to the completion of the private placement,
the satisfaction of customary closing conditions related to the
private placement and the intended use of proceeds therefrom. 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. 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.
Disclosure Channel
We announce material information about the Company and its
services and for complying with our disclosure obligation under
Regulation FD via the following social media channels:
X (f/k/a Twitter): twitter.com/MegaMatrixMPU
Facebook: facebook.com/megamatrixmpu
facebook.com/flextvus
LinkedIn:
linkedin.com/company/megamatrixmpu
TikTok: tiktok.com/@flextv_english
YouTube: youtube.com/@FlexTV_English
The Company will also use its landing page on its corporate
website (www.megamatrix.io) to host social media disclosures and/or
links to/from such disclosures. The information we post through
these social media channels may be deemed material. Accordingly,
investors should monitor these social media channels in addition to
following our website, press releases, SEC filings and public
conference calls and webcasts. The social media channels that we
intend to use as a means of disclosing the information described
above may be updated from time to time as listed on our
website.
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SOURCE Mega Matrix Corp.