MultiMetaVerse Signs Non-binding Deal To Buy Bowong AI

(RTTNews) - MultiMetaVerse Holdings Ltd. (MMV), a Chinese animation and entertainment firm, announced Monday that it has inked a non-binding term sheet to acquire Bowong Technology (Shenzhen) Co., Ltd. and its subsidiaries in an all-Class A share transaction.

The financial terms of the transaction will be determined based on further due diligence and negotiation, MMV said.

The consideration shares shall be subject to a lock-up period of one year.

MMV has an exclusive period of 90 days to negotiate a definitive deal for the proposed transaction.

Founded in 2022, Bowong AI is an artificial intelligence company and its core advantage lies in its self-developed AI models specifically tailored for e-commerce content creation.

Bowong AI can produce and distribute abundant and personalized marketing content in different forms for the goods across all platforms in a very short time.

Yiran Xu, CEO of MMV, said: "Besides, Bowong AI's expertise in image and video generative AI will be a great synergy for MMV's animation and gaming business and may further improve quality of the contents and reduce production costs."

MMV was trading up by 79.032 percent at $1.090 in the pre-market trade on the Nasdaq.