Shares of MultiMetaVerse Holdings Limited (NASDAQ: MMV) skyrocketed 231% on Friday. The phenomenal surge comes after the company disclosed its intention to acquire an equity interest in Taomee, an esteemed animation and entertainment company, in a non-binding term sheet signed with Dongzheng Ruibo (Shanghai) Investment Center (Limited Partnership) and Orient TM Ruibo Limited. However, the financial details of the acquisition were not disclosed.
This strategic move by MMV is set to have a significant impact on the company’s intellectual property (IP) portfolio. By adding Taomee’s three renowned IP brands – “Mole’s World,” “Seer,” and “Flower Angel” – to its existing portfolio, MMV aims to bolster its position in the market.
Notably, MMV had already expressed its interest in Taomee. This was evident when they signed a letter of intent with Orient TM Ruibo Limited on January 12, 2023, to acquire a 72.81% stake in the company.
Currently, MultiMetaVerse Holdings is diligently conducting due diligence on the Target Group with the complete support of the sellers and management of the Target Group. The company is actively engaged in negotiations for a share purchase agreement and expects to finalize the Proposed Transaction in the second half of this year.
This exciting acquisition is expected to expand MMV’s IP brand portfolio, enhance its earnings, and bring significant value to its shareholders. The news of this exciting development has propelled MMV’s shares to reach unprecedented heights, creating a wave of enthusiasm among investors.