MultiMetaVerse Holdings Limited (NASDAQ: MMV) announced today that it has entered into a non-binding term sheet (the "Term Sheet") with Dongzheng Ruibo (Shanghai) Investment Center (Limited Partnership) and Orient TM Ruibo Limited (each a "Seller", and collectively, the "Sellers"). The Term Sheet updates certain terms regarding the proposed acquisition (the "Proposed Transaction") of equity stake in Taomee group (the "Target Group") by the Company and/or is affiliates, following the Company's earlier announcement, dated January 12, 2023, of its entering of the letter of intent with Orient TM Ruibo Limited.
Yiran Xu, Chairman and CEO of MMV, stated "This is a remarkable milestone in the Proposed Transaction, and we are excited that we are moving forward with the Sellers to negotiate a share purchase agreement in the next step. We are conducting due diligence on the Target Group with the full support of Sellers and management of the Target Group. Currently we are actively working with parties in the negotiation of a share purchase agreement, and we expect to complete the Proposed Transaction in the second half of the year. We believe that the Proposed Transaction will expand our IP brand portfolio, improve our earning base and bring good value to shareholders of the Company."
Founded in 2007, Taomee Holdings Limited is one of China's leading entertainment and media companies for younger generations, with well-received original brands including "Mole's World," "Seer" and "Flower Angel." The Target Group provides a variety of content and entertainment experiences through the internet via web games, mobile games and online broadcasted animations, as well as through traditional channels, including animated box office films, TV series, books, and consumer products, most notably toys and trading cards. Taomee Holdings Limited, parent company of the Target Group, was listed on the New York Stock Exchange in 2011 as a leading entertainment and media company for younger generations in China. In 2016, it was taken private by Orient TM Ruibo Limited and certain management.
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