05:27 AM EDT, 10/02/2024 (MT Newswires) -- MultiMetaVerse Holdings ( MMV ) said Wednesday it entered into a non-binding term sheet with Bowong Technology (Shenzhen) Co. to acquire all of the latter's shares.

The Chinese animation and entertainment company said the term sheet proposes the issuance of 37 million of its class A ordinary shares to the shareholders of Bowong Cayman at $0.75 apiece, implying a pre-acquisition valuation of $28 million for Bowong Group.

The term sheet is a "preliminary indication of interest" and does not "create any binding rights or obligations" for either party, MultiMetaVerse ( MMV ) said.

Bowong Technology provides AI tools and services for sellers on e-commerce platforms.