SHANGHAI ,
Dec. 26,
2023 /PRNewswire/ -- MultiMetaVerse Holdings Limited
("MMV" or the "Company"), an animation and entertainment company
for young consumers in China,
announced today that its Board of Directors has unanimously
approved the release of all the Restricted Closing Payment Shares
(as defined hereinafter), with an aggregate 5,000,000 Class A
ordinary shares of the Company, in connection with the business
combination completed on January 4,
2023 (the "Business Combination").
Pursuant to the share restriction agreements between the Company
and each of Avatar Group Holdings Limited ("Avatar"), Lucky Cookie
Holdings Limited ("Lucky Cookie") and F.L.M Holdings Limited
("F.L.M") (each a "Restricted Shareholder"; collectively the
"Restricted Shareholders"), respectively ( "Share Restriction
Agreements"), MMV and each of the Restricted Shareholders agreed
that 1,252,374 Class A ordinary shares issued to Lucky Cookie,
3,162,072 Class A ordinary shares issued to Avatar and 585,554
Class A ordinary shares issued to F.L.M, or 5,000,000 Class A
ordinary shares in total, in connection with the Business
Combination (collectively, "Restricted Closing Payment Shares")
shall be released upon the satisfaction of the Release Event
(defined below) within 12 months following the closing of the
Business Combination. The Restricted Closing Payment Shares shall
vest and become transferable and non-forfeitable upon the
successful creation of a new gameplay coupled with a public
announcement regarding the release of the new gameplay, whether
through the introduction of a new mobile game or updates to an
existing mobile game to revamp its gameplay and commercial appeal
(the "Release Event").
MMV officially launched Project A on February 1, 2023. Project A is a major update to
an existing mobile game, which adds a new online digital
collectible card gameplay and incorporates new storylines of Aotu
World. As determined by MMV's Board of Directors, the launch has
satisfied the Release Event and, in accordance with the Restriction
Share Agreements, the Restricted Closing Payment Shares shall be
released to the Restricted Shareholders.
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