MultiMetaVerse Holdings Limited (NASDAQ:MMV), an animation and entertainment company, has signed a non-binding term sheet to acquire 100% of Bowong Technology (Shenzhen) Co., Ltd. and its subsidiaries.
MMV will issue Class A ordinary shares as consideration, subject to further due diligence and negotiation, with a one-year lock-up period. MMV has an exclusive 90-day period to finalize a definitive agreement to acquire Bowong AI.
Founded in 2022, Bowong AI specializes in artificial intelligence solutions for the e-commerce sector. Bowong AI's primary strength is its proprietary AI models, specifically designed for e-commerce content creation, which address the time and budget constraints of human resources.
Recently, Bowong AI completed its Series A funding, raising several million dollars. The proceeds will be used to further develop its models and technologies in the e-commerce field, expand its market into Asia and North America, and recruit top talent.
"We believe that e-commerce related AI will be one of the earliest niche markets resulting in commercial success in the AI revolution. 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. Their AI-powered e-commerce business model will also boost our merchandise business," commented Yiran Xu, Chairman and CEO of MMV.
Price Action: MMV shares are trading higher by 84.5% at $1.09 at the last check Monday.
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