PALO
ALTO, Calif., Aug. 5, 2024
/PRNewswire/ -- Mega Matrix Corp. ("MPU" or the "Company") (NYSE
American: MPU), today announced that it has closed its previously
announced private placement 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 have an exercise price of $2.20 per share and are 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.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the private placement.
The gross proceeds to the MPU from the offering were
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 intended use of proceeds from the
private placement. 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 Channels
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.