MultiMetaVerse Announces Term Sheet Signed to Acquire Equity Stake in Taomee

SHANGHAI, June 2, 2023 /PRNewswire/ -- MultiMetaVerse Holdings Limited ("MMV" or the "Company"), an animation and entertainment company for young consumers in China, announced today that it has entered into a non-binding term sheet (the "Term Sheet") with Dongzheng Ruibo (Shanghai) Investment Center (Limited Partnership) and Orient TM Ruibo Limited (each a "Seller", and collectively, the "Sellers"). The Term Sheet updates certain terms regarding the proposed acquisition (the "Proposed Transaction") of equity stake in Taomee group (the "Target Group") by the Company and/or is affiliates, following the Company's earlier announcement, dated January 12, 2023, of its entering of the letter of intent with Orient TM Ruibo Limited.