NEW
YORK and SHANGHAI,
Sept. 12,
2023 /PRNewswire/ -- MultiMetaVerse Holdings Limited
(the "Company"), an animation and entertainment company for young
consumers in China, announced
today that it has entered into a series of debt transfer agreements
and debt conversion agreements with Gaea Holdings Inc. ("Gaea"),
controlled by Mr. Yanzhi Wang, who
is the beneficiary owner of 47.3% Class A Ordinary Shares of the
Company and acts in concert with the Company's controlling
shareholder, Mr. Yiran Xu. Pursuant
to these agreements, all the principals and accrued interests owed
by the Company and its subsidiaries to Gaea's related parties of an
aggregate amount of US$7,003,834
("Aggregate Outstanding Debt") shall be transferred to Gaea. At a
later time to be determined by the parties, the Aggregate
Outstanding Debt shall be converted into 6,309,760 Class A Ordinary
Shares of the Company (including 1,961,914 Class A Ordinary Shares
issuable to Gaea Holdings Inc. and 4,347,846 Class A ordinary
Shares issuable to Avatar Group Holdings Limited) at a per share
price of US$1.11, which is the
average closing price over the last twenty trading days as of
September 11, 2023. The debt
conversion will reduce the Company's gearing ratio and future cash
out flows relating to financing activities.
In addition, the Company has entered into a non-binding term
sheet with Oasis of the Seas Holdings Limited ("Oasis"), a
prospective PIPE investor, on September 8,
2023. Oasis agrees to subscribe no more than 20,000,000
Class A Ordinary Shares of the Company upon certain conditions, at
a per share price of US$1.00. Prior
to this, the Company has entered into non-binding term sheets with
Shanghai Vanfon Funds Investment Management Co., Ltd. and Eagle
Creek LP, for subscription of 20,000,000 and 10,000,000 Company's
Class A Ordinary Shares upon certain conditions, respectively, at a
per share price of US$1.00. The
capital raised from this series of investments by PIPE investors
will be used for general working capital and potential
transactions.
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's
signature Aotu World brand has attracted a broad following 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.
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