MultiMetaVerse Stock Jumps On Proposed Acquisition Of Bowong AI - What's On The Cards?
Portfolio Pulse from Akanksha Bakshi
MultiMetaVerse Holdings Limited (NASDAQ:MMV) has signed a non-binding term sheet to acquire 100% of Bowong Technology (Shenzhen) Co., Ltd. and its subsidiaries. The acquisition will be paid in Class A ordinary shares, subject to due diligence and negotiation, with a one-year lock-up period. MMV has an exclusive 90-day period to finalize the agreement. Bowong AI specializes in AI solutions for e-commerce, and its recent Series A funding will help expand its market and develop its technologies. MMV shares surged 84.5% following the announcement.
May 20, 2024 | 1:44 pm
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MultiMetaVerse Holdings Limited (NASDAQ:MMV) has signed a non-binding term sheet to acquire Bowong Technology (Shenzhen) Co., Ltd. The acquisition will be paid in Class A ordinary shares, subject to due diligence and negotiation, with a one-year lock-up period. MMV shares surged 84.5% following the announcement.
The acquisition of Bowong AI is expected to significantly enhance MMV's capabilities in e-commerce and animation, which aligns with its business strategy. The market reacted positively, with MMV shares surging 84.5%, indicating strong investor confidence in the potential synergies and future growth.
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