MultiMetaVerse Shares Drop 10% After Thursday Rise, News-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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MultiMetaVerse Shares Drop 10% After Thursday Rise, News

Dow Jones2023-01-14

By Chris Wack

MultiMetaVerse Holdings Ltd. shares were down 10% at $3.10 one day after the company said it has entered into a non-binding letter of intent to buy a majority equity stake in Orient TM Ruibo Ltd.

The stock ended Thursday's session up 30%.

As laid out in the letter, the company and/or its affiliates intends to buy a 72.81% equity stake in Orient TM Parent Ltd., also known as Taomee.

The proposed transaction, if consummated, would significantly expand MultiMetaVerse's IP portfolio with the addition of Taomee's three signature IP brands, "Mole's World," "Seer" and "Flower Angel."

Taomee is a Chinese entertainment and media company, targeting younger generations.

Taomee Holdings was taken private by Orient TM and certain management of Taomee via a merger with Orient TM Merger Limited, at which point it became a wholly owned subsidiary of Orient TM.

MultiMetaVerse shares hit their 52-week high of $17.75 on Jan.6, and their 52-week low of $2.40 on Tuesday. They are down 70% in the past three months.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

January 13, 2023 12:52 ET (17:52 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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YMlB
·2023-01-26
Anyone can tell me what's happening to MMV, please? Why it's keep falling down?
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