MultiMetaVerse enters non-binding term sheet to buy Bowong Technology for $28M

MultiMetaVerse Holdings announced that it has entered into a non-binding term sheet with Bowong Technology to acquire all of the shares of Bowong Technology. Pursuant to the term sheet, subject to the satisfaction of certain conditions, MMV would acquire all of the outstanding shares of a holding company to be incorporated under the laws of the Cayman Islands, which through a restructuring will become the ultimate parent and controlling entity of Bowong Technology and all the subsidiaries and affiliates controlled by Bowong Technology. The term sheet calls for the issuance of 37,000,000 Class A ordinary shares of MMV at a consideration valuation of 75c per share to the shareholders of Bowong Cayman in exchange for all of the issued and outstanding share capital of Bowong Cayman, valuing Bowong Group at a pre-acquisition valuation of $28M. The proposed acquisition, if completed, would result in Bowong Cayman becoming a wholly-owned subsidiary of MMV and Bowong Group being consolidated subsidiaries and affiliates of MMV. Bowong Technology is a company equipped with technologies that is vertically integrated in the AI e-commerce sector. The company focuses on delivering comprehensive AI technologies and services for sellers on both emerging social e-commerce platforms and traditional e-commerce platforms. Bowong Technology has not only achieved significant success in in China, it has also expanded its business operations internationally. Through partnerships with a number of companies, Bowong Technology offers AI live streaming slicing services, empowering a wide range of sellers on international platforms, such as Amazon and TikTok, with AI capabilities. Leveraging these global platforms, Bowong Technology is able to provide e-commerce sellers with a range of services to achieve overseas product expansion and brand promotion. The term sheet is MMV’s preliminary indication of interest and does not contain all matters upon which agreement must be reached in order to consummate the proposed acquisition, nor does it create any binding rights or obligations of any person.