SHANGHAI, June 2, 2023
/PRNewswire/ -- MultiMetaVerse Holdings Limited ("MMV" or the
"Company"), an animation and entertainment company for young
consumers in China, announced
today that it has entered into a non-binding term sheet (the "Term
Sheet") with Dongzheng Ruibo (Shanghai) Investment Center (Limited
Partnership) and Orient TM Ruibo Limited (each a "Seller", and
collectively, the "Sellers"). The Term Sheet updates certain terms
regarding the proposed acquisition (the "Proposed Transaction") of
equity stake in Taomee group (the "Target Group") by the Company
and/or is affiliates, following the Company's earlier announcement,
dated January 12, 2023, of its
entering of the letter of intent with Orient TM Ruibo
Limited.
Yiran Xu, Chairman and CEO
of MMV, stated "This is a remarkable milestone in the Proposed
Transaction, and we are excited that we are moving forward with the
Sellers to negotiate a share purchase agreement in the next step.
We are conducting due diligence on the Target Group with the full
support of Sellers and management of the Target Group. Currently we
are actively working with parties in the negotiation of a share
purchase agreement, and we expect to complete the Proposed
Transaction in the second half of the year. We believe that the
Proposed Transaction will expand our IP brand portfolio, improve
our earning base and bring good value to shareholders of the
Company."
Founded in 2007, Taomee Holdings Limited is one of
China's leading entertainment and
media companies for younger generations, with well-received
original brands including "Mole's World," "Seer" and "Flower
Angel." The Target Group provides a variety of content and
entertainment experiences through the internet via web games,
mobile games and online broadcasted animations, as well as through
traditional channels, including animated box office films, TV
series, books, and consumer products, most notably toys and trading
cards. Taomee Holdings Limited, parent company of the Target Group,
was listed on the New York Stock Exchange in 2011 as a leading
entertainment and media company for younger generations in
China. In 2016, it was taken
private by Orient TM Ruibo Limited and certain
management.
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.
View original
content:https://www.prnewswire.com/news-releases/multimetaverse-announces-term-sheet-signed-to-acquire-equity-stake-in-taomee-301841216.html
SOURCE MultiMetaVerse Holdings Limited