APETF - Alpha Metaverse to acquire NFT's studio Shape Immersive in cash plus equity deal

Alpha Metaverse Technologies (OTCPK:APETF) announced the final agreement on Wednesday under which the company will acquire Shape Immersive Entertainment in a mix of cash and equity deal. Shape is  a software company that develops 3D NFTs, holograms, augmented and virtual reality, and play-to-earn game in the metaverse space. Alpha said it will pay $500K in cash on closing of the transaction along with its 14M shares subject to escrow restriction; Issuance price remain undetermined. The consideration further includes a $500K cash payment and 9M Alpha's shares on condition/time basis. "We look forward to completing the acquisition and growing Shape’s continued studio work for major brands and leveraging its development capabilities to grow Alpha’s existing gaming properties. This combination of internal and external studio work will also expand Alpha’s business development pipeline and partnership growth," commented Alpha CEO Brian Wilneff.

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Alpha Metaverse to acquire NFT's studio Shape Immersive in cash plus equity deal