MultiMetaVerse signs debt conversion and term sheet agreements

MultiMetaVerse has entered into a series of debt transfer agreements and debt conversion agreements with Gaea Holdings, controlled by Yanzhi Wang, the beneficiary owner of 47.3% Class A Ordinary Shares of the company and acts in concert with the company’s controlling shareholder, Yiran Xu. All the principals and accrued interests owed by the company and its subsidiaries to Gaea’s related parties of an aggregate of $7,003,834 shall be transferred to Gaea. At a later time, the Aggregate Outstanding Debt shall be converted into 6,309,760 Class A Ordinary Shares of the company at a per share price of $1.11, the average closing price over the last twenty trading days as of September 11. The debt conversion will reduce the company’s gearing ratio and future cash out flows relating to financing activities. In addition, the company has entered into a non-binding term sheet with Oasis of the Seas, a prospective PIPE investor, on September 8. Oasis agrees to subscribe no more than 20M Class A Ordinary Shares of the company upon certain conditions, at a per share price of $1.00. Prior to this, the company has entered into non-binding term sheets with Shanghai Vanfon and Eagle Creek for subscription of 20M and 10M company’s Class A Ordinary Shares at a per share price of $1.00. The capital raised from this series of investments by PIPE investors will be used for general working capital and potential transactions.