Mega Matrix Corp. Announced That It Has Successfully Closed the Acquisition of 60% of the Parent of FlexTV, a Short Drama Streaming Platform
08 Gennaio 2024 - 10:15PM
Mega Matrix Corp. ("MPU" or the "Company") (NYSE American: MPU),
today announced that it has entered into and closed a definitive
Share Exchange Agreement with FunVerse Holding Limited
(“FunVerse”), a company incorporated under the laws of the British
Virgin Islands and the sole parent company of Yuder Pte, Ltd.
("Yuder”), and the shareholders of FunVerse on January 7, 2024.
Pursuant to the agreement, the Company acquired 51,375,000
FunVerse’s shares, which represents 60% of voting capital stock of
FunVerse, in exchange for 1,500,000 shares of common stock of the
Company, par value $0.001.
Through Yuder, FunVerse now operates FlexTV, a
short drama streaming platform based in Singapore. FlexTV produces
English and Thai dramas and its users are spread across various
countries such as Europe, America, and Southeast Asia. The
production teams work in locations including the United States,
United Kingdom, Australia, and Thailand.
Management Commentary
Mr. Yucheng Hu, CEO of Mega Matrix Corp. said,
"With the acquisition of FlexTV, we are embarking on an exciting
journey of growth and innovation. By harnessing the power of the
Company’s operational ability and market influence, we expect to
see a significant uplift in FlexTV's business performance. We plan
to enhance our global footprint in the streaming world and to
ensure we deliver substantial value to our shareholders in
2024.
FlexTV’s expertise in producing English and Thai
dramas, combined with our expanded resources, sets the stage for a
transformative impact on the market. This year is all about
leveraging our strengths to not just meet but exceed business and
artistic aspirations.
We are deeply committed to this vision and
believe that this acquisition is a pivotal step towards reshaping
the media landscape and generating robust returns for our
shareholders."
About Mega Matrix: Mega
Matrix Corp. is a holding company located in Palo Alto, California
with four subsidiaries: Saving Digital Pte. Ltd., a Singapore
corporation (“Saving”), Mega Matrix, Inc., an exempted company
incorporated under the laws of the Cayman Islands, Mega Metaverse
Corp., a California corporation (“Mega”), and Marsprotocol
Technologies Pte. Ltd., a Singapore corporation (“MTP”). The
Company focuses on crypto-related and short drama business. For
more information, please contact info@megamatrix.io or
visit: http://www.megamatrix.io.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
All statements in this press release other than statements that are
purely historical are forward looking statements. When used in this
press release, the words "estimates," "projected," "expects,"
"anticipates," "forecasts," "plans," "intends," "believes,"
"seeks," "may," "will," "should," "future," "propose," and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees for future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the Company's control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements. Important factors, among others, are: the ability to
manage growth; ability to identify and integrate future
acquisitions; ability to grow and expand our FlexTV business;
ability to obtain additional financing in the future to fund
capital expenditures; fluctuations in general economic and business
conditions; costs or other factors adversely affecting the
Company's profitability; litigation involving patents, intellectual
property, and other matters; potential changes in the legislative
and regulatory environment; a pandemic or epidemic; the occurrence
of any event, change or other circumstances that could affect the
Company’s ability to continue successful development of its digital
assets staking business model; the possibility that the Company may
not succeed in developing its new lines of businesses due to, among
other things, changes in the business environment, competition,
changes in regulation, or other economic and policy factors; and
the possibility that the Company’s new lines of business may be
adversely affected by other economic, business, and/or competitive
factors. The forward-looking statements in this press release and
the Company's future results of operations are subject to
additional risks and uncertainties set forth under the heading
"Risk Factors" in documents filed by the Company with the
Securities and Exchange Commission, including the Company's latest
annual report on Form 10-K, and are based on information available
to the Company on the date hereof. In addition, such risks and
uncertainties include the Company's inability to predict or control
bankruptcy proceedings and the uncertainties surrounding the
ability to generate cash proceeds through the sale or other
monetization of the Company's assets. The Company undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable law. Readers are cautioned not to
place undue reliance on forward-looking statements, which speak
only as of the date of this press release.
Contact:Info@megamatrix.io
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3b69a155-2e3d-4d8a-b4df-c41fc4c2a6fc
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