MEGA MATRIX CORP. announced that it has entered into a Non-binding Letter of Intent with Yuder Pte, Ltd, a Mid-Length Streaming Platform Company focusing on Short Drama
15 November 2023 - 10:20PM
Mega Matrix Corp. ("MPU" or the "Company") (NYSE American: MPU),
today announced that it has entered into a non-binding letter of
intent to acquire sixty percent (60%) of the voting capital stock
(the “Acquisition”) of Yuder Pte, Ltd. (“Yuder”), a mid-length
streaming platform company focusing on short drama in exchange for
1,500,000 shares of the Company’s common stock, par value $0.001.
The completion of the proposed Acquisition is
subject to, among other things, the completion of due diligence,
the negotiation of definitive agreements for the Acquisition (the
“Definitive Agreements”), satisfaction of the conditions negotiated
therein, approval of the transaction by the board and stockholders
of both the Company and Yuder, as well as regulatory approvals and
other customary conditions.
Management Commentary
Mr. Yucheng Hu, CEO of Mega Matrix Corp. said,
“I am delighted to announce that Mega Matrix has started planning
for entering a new business in 2024 as of the fourth quarter. We
are very optimistic about the global short drama market, believing
it has tremendous potential for growth. We hope to successfully
complete transactions by January 2024, which will bring many new
development opportunities for the company.”
About Mega Matrix: Mega
Matrix Corp. (the “Company”) is a holding company located in Palo
Alto, California with five subsidiaries: Saving Digital Pte. Ltd.,
a Singapore corporation (“Saving”), MarsProtocol Inc., an exempted
company incorporated under the laws of the Cayman Islands, Mega
Metaverse Corp., a California corporation (“Mega”), Marsprotocol
Technologies Pte. Ltd., a Singapore corporation (“MTP”) and
JetFleet Management Corp. a California corporation (“JetFleet”).
The Company focuses on crypto-related business. 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. 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 enter into a definitive agreement with
Yuder, and if is executed, the ability to consummate the proposed
transaction with Yuder; 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 occurrence of any event, change or other
circumstances that could affect the Company’s ability to continue
successful development of its digital assets staking business
model; 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. In addition, such risks and
uncertainties include the Company's inability to predict or control
bankruptcy proceedings and the uncertainties surrounding the
ability to generate cash proceeds through the sale or other
monetization of the Company's assets. 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.
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