Why MultiMetaVerse Shares Are Skyrocketing Today

  • MultiMetaVerse Holdings Ltd MMV shares are soaring after the announcement of the agreement to acquire an equity interest in Taomee.
  • The animation and entertainment company inked a non-binding term sheet with Dongzheng Ruibo (Shanghai) Investment Center (Limited Partnership) and Orient TM Ruibo Limited for the acquisition for an undisclosed amount. 
  • The Term Sheet updates some terms related to the acquisition following its announcement earlier this year.
  • On January 12, 2023, MMV signed a letter of intent with Orient TM Ruibo Limited to buy a 72.81% interest in Taomee
  • The acquisition will significantly boost MMV's IP portfolio through the addition of Taomee's three signature IP brands, "Mole's World," "Seer" and "Flower Angel." 
  • "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," said Yiran Xu, Chairman and CEO.
  • Price Action: MMV shares traded higher by 231% at $3.11 on the last check Friday.
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