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NEWS
Agreement to Establish Digital Currency Investment Company Partnership
SHANGHAI, Dec. 03, 2024 (GLOBE NEWSWIRE) -- MultiMetaVerse Holdings Limited (NASDAQ:MMV) ("MMV" or the "Company"), a leading animation and entertainment company for young consumers in China, announced that it has reached an agreement with Zhao Mingwei ("Big Bear") and Li Yuanfeng to jointly establish a joint - venture in Hong Kong, leveraging their respective resources to Bitcoin and Bitcoin mining machines.
According to the agreement, MMV will hold 80% of the shares of the to-be-formed joint - venture company, Zhao Mingwei will hold 10% of the shares, and Li Yuanfeng will hold the remaining 10%. The board of directors will be composed of executives appointed by the three parties. The new company will purchase Bitcoin and purchase Bitcoin mining machines.
The joint venture company plans to achieve Party B and Party C to invest 500 Bitcoins legally owned by them by June 2025 and 1,000 bitcoins before December 2025 to make the joint venture company legally own the assets.
MMV will issue Party B and Party C 1 million shares each, subject to the condition that (i) the closing share price of MMV on Nasdaq exceeds US$1.00 within 2 months after the announcement of the signing of this agreement, and (ii) either (x) the closing price is not less than US$1.00 for more than 10 consecutive trading days on Nasdaq during those two months, or (y) the number of Bitcoin invested by the joint venture company is not less than 50. Otherwise, MMV will cancel the shares issued to Party B and Party C.
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