MultiMetaVerse Announces Updates of the Taomee Acqusition and Termination of Prior Acquisition Agreement

NEW YORK and SHANGHAI, Nov. 29, 2023 /PRNewswire/ -- MultiMetaVerse Holdings Limited ("MMV" or the "Company"), an animation and entertainment company for young consumers in China, announced today that it has received a letter of termination with respect to MMV's contemplated acquisition of Taomee (the "Letter of Termination"). On September 15, 2023, MMV announced that it had entered into an acquisition agreement (the "Agreement") to acquire 100% equity in Shanghai Shengran Information Technology Co., Ltd. and associated interests pertaining to all of its consolidated variable interest entities (collectively, the "Target Group," or "Taomee"). The closing of the Agreement was conditioned upon, among others, MMV's payment of the transaction consideration in installments within a fixed period of time. MMV received the Letter of Termination from Dongzheng Ruibo (Shanghai) Investment Center (Limited Partnership) and Orient TM Ruibo Limited (each a "Seller", and collectively, the "Sellers") terminating the Agreement citing MMV's inability to pay the consideration within the agreed timeline pursuant to the Agreement.

MMV believes that the Target Group is a valuable asset with synergy to the Company, and intends to further pursue the transaction contemplated under the Agreement. MMV continues to engage the Sellers in negotiation regarding the acquisition of Taomee and is optimistic of the possibility of resuming the transaction when MMV secures sufficient funding for closing. In furtherance of this effort, MMV is actively seeking financing opportunities with institutions and private investors. In particular, MMV has entered into a share subscription agreement with Eagle Creek LP with a total proceed of US$15,000,000. MMV's management is committed to raising additional funds in an effort to close the transaction.

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/.

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MultiMetaVerse Holdings Limited
Investor Relations
E-mail: [email protected]

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SOURCE MultiMetaVerse Holdings Limited