NEW YORK and SHANGHAI, Nov. 29,
2023 /PRNewswire/ -- MultiMetaVerse Holdings
Limited ("MMV" or the "Company"), an animation and entertainment
company for young consumers in China, announced today that it has received a
letter of termination with respect to MMV's contemplated
acquisition of Taomee (the "Letter of Termination"). On
September 15, 2023, MMV announced
that it had entered into an acquisition agreement (the "Agreement")
to acquire 100% equity in Shanghai Shengran Information Technology
Co., Ltd. and associated interests pertaining to all of its
consolidated variable interest entities (collectively, the "Target
Group," or "Taomee"). The closing of the Agreement was conditioned
upon, among others, MMV's payment of the transaction consideration
in installments within a fixed period of time. MMV received the
Letter of Termination from Dongzheng Ruibo (Shanghai) Investment Center (Limited
Partnership) and Orient TM Ruibo Limited (each a "Seller", and
collectively, the "Sellers") terminating the Agreement citing MMV's
inability to pay the consideration within the agreed timeline
pursuant to the Agreement.
MMV believes that the Target Group is a valuable asset with
synergy to the Company, and intends to further pursue the
transaction contemplated under the Agreement. MMV continues to
engage the Sellers in negotiation regarding the acquisition of
Taomee and is optimistic of the possibility of resuming the
transaction when MMV secures sufficient funding for closing. In
furtherance of this effort, MMV is actively seeking financing
opportunities with institutions and private investors. In
particular, MMV has entered into a share subscription agreement
with Eagle Creek LP with a total proceed of US$15,000,000. MMV's management is committed to
raising additional funds in an effort to close the transaction.
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.
For more information, please visit
https://www.multi-metaverse.com/.
For investor and media inquiries, please contact:
MultiMetaVerse Holdings Limited
Investor Relations
E-mail: ir@multi-metaverse.com
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements 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.
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SOURCE MultiMetaVerse Holdings Limited