SHANGHAI, Oct. 02, 2024 — MultiMetaVerse Holdings Limited (NASDAQ: MMV) (“MMV” or the “Company”), a leading animation and entertainment company for young consumers in China, today announced that it has entered into a non-binding term sheet (the “Term Sheet”) with Bowong Technology (Shenzhen) Co., Ltd. (the “Bowong Technology”) to acquire all of the shares of Bowong Technology.

Under the terms of the Term Sheet, subject to the fulfillment of specific conditions (including securing financing for the restructuring outlined below), MMV would acquire all outstanding shares of a holding company to be incorporated under Cayman Islands law (“Bowong Cayman”). This restructuring would make Bowong Cayman the ultimate parent and controlling entity of Bowong Technology, encompassing all subsidiaries and affiliates under its control (“Bowong Group”). The Term Sheet proposes the issuance of 37,000,000 Class A ordinary shares of MMV at a consideration valuation of US$0.75 per share to Bowong Cayman’s shareholders in exchange for all issued and outstanding share capital. This values Bowong Group at a pre-acquisition valuation of US$28 million. If completed, this acquisition would make Bowong Cayman a wholly-owned subsidiary of MMV, with Bowong Group becoming consolidated subsidiaries and affiliates of MMV.

Bowong Technology is a company equipped with cutting-edge technologies vertically integrated in the AI e-commerce sector. They focus on providing comprehensive AI technologies and services to sellers on both emerging social e-commerce platforms and traditional e-commerce platforms. Bowong Technology has achieved notable success in China and expanded its operations internationally. Through partnerships with various companies, they offer AI live streaming slicing services, empowering a wide range of sellers on international platforms like Amazon and TikTok with AI capabilities. Leveraging these global platforms, Bowong Technology provides e-commerce sellers with a comprehensive suite of services for overseas product expansion and brand promotion. Through its professional services and innovative solutions, the company has rapidly established itself in the e-commerce sector.

Bowong Technology’s management team consists of talented professionals with prior experience in leading e-commerce and AI companies, including Alibaba, NetEase, and Amazon, forming a professional production research team. This team possesses extensive industry experience and deep technological expertise, dedicated to delivering precise and effective services that meet the ever-evolving market demands. Mr. Yingbo Liu, the founder of Bowong Technology, is a successful serial entrepreneur with experience in product operations, commercialization, sales, supply chain management, and business development resource integration. Mr. Liu is experienced in corporate operational management.

The Term Sheet represents MMV’s preliminary indication of interest and does not encompass all matters requiring agreement for the proposed acquisition’s completion. It does not create any binding rights or obligations for any person. The parties will be bound only upon the execution of mutually agreeable definitive documentation. Therefore, there is no guarantee that the Term Sheet will lead to the completion of the proposed acquisition or any similar transaction, or the terms of any transaction, if completed. MMV does not undertake any obligation to provide updates regarding the proposed acquisition or any other transaction, except as required by law.

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.

Safe Harbor Statement

This press release contains forward-looking statements which are generally 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.

For more information, please visit https://www.multi-metaverse.com/.

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MultiMetaVerse Holdings Limited
Investor Relations
E-mail: ir@multi-metaverse.com