MultiMetaVerse Holdings Limited (Nasdaq: MMV) Enters Into Agreement To Acquire Taomee
Summary
NEW YORK and SHANGHAI, Sept. 15, 2023 /PRNewswire/ -- MultiMetaVerse Holdings Limited ("MMV"), an animation and entertainment company catering to Chinas youth market, announced today that it has, through its subsidiary in China, entered into an agreement (the "Agreement") to acquire 100% equity in Shanghai Shengran Information Technology Co., Ltd. and associated interests pertaining to all of its consolidated VIEs (collectively, the "Target Group," or "Taomee"). Founded in 2007, Taomee is one of Chinas leading entertainment and media companies for the younger generations, with established and popular original brands including "Moles World", "Seer" and "Flower Angel". These three iconic brands have flourished in China for more than a decade, becoming a source of inspiration for the industry and its popularity among the younger generations has influenced millions of the countrys youth. According to data provided by the Target Group, Taomee has successfully developed and operated many popular video games, and secured hundreds of millions of cumulative registered users. As a pioneer in the Chinese entertainment industry, with its successful track record and expertise in creating original animation and development of video games, MMV has established a brand-centered business model to develop proprietary brands, market them with original user-generated content (UGC), and provide users with immersive entertainment experiences through various online and offline content.