Model Performance Acquisition Corp. Announces Contribution to Trust Account to Extend Period to Consummate Business Combination

NEW YORK, June 30, 2022 /PRNewswire/ -- Model Performance Acquisition Corp. (NASDAQ: MPAC, the "Company"), a special purpose acquisition company, announced today that it has deposited into the Company's trust account (the "Trust Account") an aggregate of $575,000 (representing $0.10 per Class A ordinary share), in order to extend the period of time the Company has to complete a business combination (the "Combination Period") for an additional three (3) months period, from July 12, 2022 to October 12, 2022. As previously disclosed, pursuant to the First Amendment to the Merger Agreement dated January 6, 2022 by and among the Company, MultiMetaVerse Inc. ("MMV") and other parties named therein, MMV has agreed to loan the Company an aggregate principal amount of $2.75 million (the "Loan") to fund any and all amounts required to extend the Combination Period for up to two (2) times for an additional three (3) months period each time. As of today, the Company has received an aggregate $2.46 million of the Loan amount. The Loan bears no interest and is repayable only at the closing of a business combination by the Company. On June 29, 2022, the Company used $575,000 of the Loan amount received to extend the Combination Period to October 12, 2022.