NEW
YORK, Sept. 30, 2022 /PRNewswire/ -- Model
Performance Acquisition Corp. (NASDAQ: MPAC, the "Company"), a
special purpose acquisition company, announced today that at its
extraordinary general meeting of shareholders on September 28, 2022 (the "Meeting"), the Company's
shareholders voted in favor of the proposal to amend its memorandum
and articles of association, giving the Company the right to extend
the date by which the Company has to complete a business
combination (the "Combination Period") up to two (2) times for an
additional three (3) months each time, from October 12, 2022 to April
12, 2023. In connection with the Meeting, 3,508,994 Class A
ordinary shares were tendered for redemption. On September 29, 2022, the Company made a deposit of
$244,100.60 to the trust account and
extended the Combination Period from October
12, 2022 to January 12, 2023.
Following such redemptions and the deposit, the amount of funds
remaining in the trust account is approximately $23.4 million.
On September 29, 2022, the
Company, MultiMetaVerse Inc. ("MMV") and other named parties
entered into the
Second Amendment to the Merger Agreement
pursuant to which the parties agreed to, among other things, the
following:
- Extend the Outside Closing Date from September 30, 2022 to February 25, 2023;
- MMV to make an interest-free loan to the Company an aggregate
principal amount of $525,000 in two
tranches, all of which shall become repayable only at the closing
of a business combination by the Company or as otherwise
stipulated;
- Certain MMV shareholders agreed that an aggregate of 5,000,000
ordinary shares of their closing payment shares will be
non-transferable and subject to forfeiture in the event that MMV
fails to successfully create a new gameplay and make a public
announcement regarding release of the new gameplay, whether through
introduction of a new mobile game or updates to an existing mobile
game within 12 months following the closing of the business
combination with the Company.
A Current Report on Form 8-K will be filed with the Securities
and Exchange Commission.
About Model Performance Acquisition Corp.
Model Performance Acquisition Corp. is a British Virgin Islands company incorporated as
a blank check company for the purpose of entering into a merger,
share exchange, asset acquisition, share purchase,
recapitalization, reorganization or similar business combination
with one or more businesses or entities.
Forward-Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward looking statements are
statements that are not historical facts. Such forward-looking
statements, including the successful consummation of the Company's
initial public offering, are subject to risks and uncertainties,
which could cause actual results to differ from the forward looking
statements. The Company expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based.
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SOURCE Model Performance Acquisition Corp.
