SHANGHAI, Dec. 02, 2024 — MultiMetaVerse Holdings Limited (NASDAQ: MMV), a leading Chinese animation and entertainment company focused on young consumers, today announced a definitive share exchange agreement to acquire Bowong Technology (Shenzhen) Co., Ltd. This acquisition will be achieved indirectly through Bowong AI Limited (“Bowong Cayman”), after a series of restructuring transactions, granting MMV 100% ownership. Bowong Technology is a cutting-edge, vertically integrated AI e-commerce company providing comprehensive AI technology and services to sellers on both established and emerging social e-commerce platforms.

This agreement replaces the non-binding term sheet announced October 2, 2024. Under the agreement, MMV will issue 37,000,000 Class A ordinary shares to Bowong Cayman’s shareholders in exchange for their shares. Following this transaction, Bowong Cayman will become a wholly-owned subsidiary of MMV, with Bowong Technology and its subsidiaries becoming consolidated subsidiaries and affiliates.

The transaction’s completion is contingent upon receiving necessary corporate and other approvals, as well as satisfying customary closing conditions. There is no guarantee of timely completion, or completion at all.

About MultiMetaVerse Holdings Limited

MultiMetaVerse Holdings Limited (NASDAQ: MMV) is an animation and entertainment company providing high-quality, immersive entertainment experiences through original, user-generated, and professionally produced content. Since beginning animation production in 2015 under the Aotu World brand, MMV has cultivated a large following, especially among young Chinese audiences, thanks to its compelling storylines and distinctive artistic style. Leveraging this established user base, MMV offers a diverse product portfolio encompassing animated content, comics, short videos, collectibles, stationery, consumer products, and mobile games, primarily under the Aotu World brand, along with newer brands like Neko Album.

Safe Harbor Statements

This press release includes forward-looking statements, generally identifiable by terms such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” and similar expressions. These statements, including those concerning future commercial operations, are predictions based on current expectations and assumptions, therefore subject to inherent risks and uncertainties. Actual results may differ significantly due to factors such as the Company’s inability to execute its business plans, identify and capitalize on opportunities, or meet financial projections, as well as changes in the regulatory or competitive landscape. Refer to the Company’s Annual Report on Form 20-F and other SEC filings for a detailed discussion of these risks. Information herein is current as of the press release date; no obligation exists to update forward-looking statements except as legally required.

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