SHANGHAI, May 20, 2024
/PRNewswire/ -- MultiMetaVerse Holdings Limited ("MMV" or the
"Company"), a leading animation and entertainment company for young
consumers in China, announced
today that it has entered into a non-binding term sheet (the "Term
Sheet") for the acquisition (the "Proposed Transaction") of 100% of
Bowong Technology (Shenzhen) Co.,
Ltd. and its subsidiaries (collectively "Bowong AI") by the
issuance of the Company's Class A ordinary shares to the
shareholders of Bowong AI as consideration (the "Consideration
Shares"), the amount of which will be determined based on
further due diligence and negotiation. The Consideration Shares
shall be subject to a lock-up period of one year. MMV has an
exclusive period of 90-day to negotiate a definitive agreement for
the Proposed Transaction.
Founded in 2022, Bowong AI is an artificial intelligence ("AI")
company specializing in e-commerce solutions. Bowong AI focuses on
providing innovative solutions for marketing content creation and
distribution outreach in the e-commerce industry using AI
technology. The core advantage of Bowong AI lies in its
self-developed AI models specifically tailored for e-commerce
content creation, overcoming limitations of time and budget
associated with human resources.
According to Bowong's management team, its AI's AI-powered
content distribution algorithm allows for the rapid production and
dissemination of personalized marketing content across multiple
platforms, enabling vendors to quickly expand their market reach
and precisely target buyers. Combined with its AI-powered content
distribution algorithm, Bowong AI is able to produce and distribute
abundant and personalized marketing contents in different forms for
the goods across all platforms in a very short time. Recently,
Bowong AI has completed its Series A funding of several million
dollars. The proceeds will be used to further develop its models
and technologies in the e-commerce field, expand its market into
Asia and North America, and recruit additional top
talents.
Yiran Xu, Chairman and CEO of
MMV, commented on the Proposed Transaction, "We are deeply
impressed by Bowong AI's expertise and technology. The team's
experience in the e-commerce business enables Bowong AI to
understand the pain points of merchants, and to offer an effective,
high-quality and efficient solution. We believe that e-commerce
related AI will be one of the earliest niche markets resulting in
commercial success in the AI revolution. Besides, Bowong AI's
expertise in image and video generative AI will be a great synergy
for MMV's animation and gaming business and may further improve
quality of the contents and reduce production costs. Their
AI-powered e-commerce business model will also boost our
merchandise business."
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