09:21 AM EDT, 05/20/2024 (MT Newswires) -- MultiMetaVerse Holdings ( MMV ) shares soared more than 85% in premarket activity Monday after the company said it signed a non-binding term sheet to acquire 100% of Bowong Technology and its subsidiaries for an undisclosed amount.

The company said it would make the acquisition by issuing class A ordinary shares to Bowong shareholders, the number of which will be determined based on due diligence and negotiations.

Bowong Technology is an artificial intelligence company that focuses on e-commerce services.

Price: 1.1500, Change: +0.53, Percent Change: +85.48