MultiMetaVerse to acquire Bowong Technology in all-share transaction

MultiMetaVerse (MMV) announced that it has signed a definitive share exchange agreement with the shareholders of Bowong AI, which, after a series of restructuring transactions, is expected to indirectly hold 100% equity interests in Bowong Technology. Bowong Technology is a company equipped with technologies that are vertically integrated in the AI e-commerce sector. The share exchange agreement supersedes a non-binding term sheet between the company and Bowong Technology, which was announced on October 2. Pursuant to the share exchange agreement, each of the transferors agrees to sell and transfer to the company all of the shares of Bowong Cayman he beneficially owns, and in exchange and as consideration therefor, the company agrees to issue and allot an aggregate of 37M Class A ordinary shares to such transferors. Upon completion of the foregoing, Bowong Cayman will become a wholly-owned subsidiary of the company, and Bowong Technology and all the subsidiaries and affiliates controlled by it will become consolidated subsidiaries and affiliates of the company. The transaction is subject to the completion of the requisite corporate and other approvals and customary closing conditions. There can be no assurance that the transaction will be consummated in a timely manner, or at all.