MultiMetaVerse announces termination of acquisition agreement of Taomee

MultiMetaVerse Holdings announced that it has received a letter of termination with respect to MMV‘s contemplated acquisition of Taomee. On September 15 MMV announced that it had entered into an acquisition agreement to acquire 100% equity in Shanghai Shengran Information Technology and associated interests pertaining to all of its consolidated variable interest entities. The closing of the Agreement was conditioned upon, among others, MMV’s payment of the transaction consideration in installments within a fixed period of time. MMV received the Letter of Termination from Dongzheng Ruibo Investment Center and Orient TM Ruibo terminating the Agreement citing MMV’s inability to pay the consideration within the agreed timeline pursuant to the Agreement. MMV believes that the Target Group is a valuable asset with synergy to the Company, and intends to further pursue the transaction contemplated under the Agreement. MMV continues to engage the Sellers in negotiation regarding the acquisition of Taomee and is optimistic of the possibility of resuming the transaction when MMV secures sufficient funding for closing. In furtherance of this effort, MMV is actively seeking financing opportunities with institutions and private investors. In particular, MMV has entered into a share subscription agreement with Eagle Creek with a total proceed of $15M. MMV’s management is committed to raising additional funds in an effort to close the transaction.