MMV - MultiMetaVerse enters debt conversion agreement with Gaea
2023-09-12 10:37:06 ET
An animation and entertainment company MultiMetaVerse ( NASDAQ: MMV ) has entered into a series of debt transfer agreements and debt conversion agreements with Gaea Holdings.
Gaea Holdings is controlled by Mr. Yanzhi Wang, who is the beneficiary owner of 47.3% shares of the company and acts in concert with the company's controlling shareholder, Mr. Yiran Xu.
Pursuant to these agreements, all the principals and accrued interests owed by the company and its subsidiaries to Gaea's in the amount of $7M shall be transferred to Gaea.
At a later time, the outstanding debt shall be converted into ~6.39M shares at a per share price of $1.11. The debt conversion will reduce the company's gearing ratio and future cash out flows relating to financing activities.
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MultiMetaVerse enters debt conversion agreement with Gaea