MultiMetaVerse Holdings Limited (MMV), a leading Chinese firm in the animation and entertainment sector, announced on Monday that it has entered into a definitive share exchange agreement to acquire Bowong AI Limited, also known as Bowong Cayman.
Bowong AI is slated to indirectly hold shares in the AI e-commerce entity Bowong Technology (Shenzhen) Co., Ltd. As per the agreement, the transferors will exchange their holdings in Bowong Cayman for 37 million Class A shares from MultiMetaVerse.
Upon the successful completion of this transaction, Bowong Cayman will become wholly owned by MultiMetaVerse. Consequently, Bowong Technology, along with all its subsidiaries and affiliates under its control, will become part of the MultiMetaVerse portfolio.
This Share Exchange Agreement supersedes the previously announced non-binding term sheet between MultiMetaVerse and Bowong Technology, which was made public on October 2.
