MultiMetaVerse Holdings Limited Enters Into $7,003,834 Debt Conversion Agreement With Gaea, And Term Sheets With PIPE Investors; Aggregate Outstanding Debt Converted Into 6,309,760 Shares To Gaea And 4,347,846 TO Avatar Group At $1.11/Share
Portfolio Pulse from Benzinga Newsdesk
MultiMetaVerse Holdings Limited has entered into a debt conversion agreement with Gaea, converting $7,003,834 of debt into 6,309,760 shares at $1.11 per share. Additionally, term sheets have been agreed with PIPE investors, with 4,347,846 shares going to Avatar Group at the same price.
September 12, 2023 | 1:15 pm
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MultiMetaVerse Holdings Limited's debt conversion agreement with Gaea and term sheets with PIPE investors could potentially dilute the value of existing shares, impacting the stock price.
The conversion of debt into equity often leads to dilution of the existing shares, which can negatively impact the stock price. Given the size of the debt being converted, this could have a significant impact on MMV's stock price in the short term.
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