MMV - MultiMetaVerse Signs Term Sheet to Acquire Innovative E-Commerce Service Provider Bowong AI | Benzinga
SHANGHAI, May 20, 2024 /PRNewswire/ -- MultiMetaVerse Holdings Limited ("MMV" or the "Company"), a leading animation and entertainment company for young consumers in China, announced today that it has entered into a non-binding term sheet (the "Term Sheet") for the acquisition (the "Proposed Transaction") of 100% of Bowong Technology (Shenzhen) Co., Ltd. and its subsidiaries (collectively "Bowong AI") by the issuance of the Company's Class A ordinary shares to the shareholders of Bowong AI as consideration (the "Consideration Shares"), the amount of which will be determined based on further due diligence and negotiation. The Consideration Shares shall be subject to a lock-up period of one year. MMV has an exclusive period of 90-day to negotiate a definitive agreement for the Proposed Transaction.
Founded in 2022, Bowong AI is an artificial intelligence ("AI") company specializing in e-commerce solutions. Bowong AI focuses on providing innovative solutions for marketing content creation and distribution outreach in the e-commerce industry using AI technology. The core advantage of Bowong AI lies in its self-developed AI models specifically tailored for e-commerce content creation, overcoming limitations of time and budget associated with human resources.
According to Bowong's management team, its AI's AI-powered content distribution algorithm allows for the rapid production and dissemination of personalized marketing content across multiple platforms, enabling vendors to quickly expand their market reach and precisely target buyers. Combined with its AI-powered content distribution algorithm, Bowong AI is able to produce and distribute abundant and personalized marketing contents ...