MultiMetaVerse In Share Exchange Deal To Buy AI E-commerce Firm Bowong

(RTTNews) - MultiMetaVerse Holdings Limited (MMV), a Chinese animation and entertainment company, Monday announced that it has signed a definitive share exchange agreement to acquire Bowong AI Limited or Bowong Cayman.

Bowong AI is expected to indirectly own shares in AI e-commerce firm Bowong Technology (Shenzhen) Co., Ltd. Transferors will sell their Bowong Cayman shares to the MultiMetaVerse, and the company will give them 37 million Class A shares in return.

After completion, Bowong Cayman will be fully owned by MultiMetaVerse. Bowong Technology and all its units and affiliates controlled by it will become part of the MultiMetaVerse.

The Share Exchange Agreement replaces a non-binding term sheet between MultiMetaVerse and Bowong Technology that was announced on October 2.