05:43 AM EST, 12/02/2024 (MT Newswires) -- MultiMetaVerse Holdings ( MMV ) said Monday it signed a definitive share exchange agreement to acquire Bowong AI in exchange for 37 million class A MultiMetaVerse ( MMV ) common shares.

The company said the deal supersedes the non-binding term sheet that it signed with Bowong AI's Bowong Technology unit in October.

Following the transaction, Bowong AI will become wholly owned MultiMetaVerse ( MMV ) subsidiary, while Bowong Technology and other Bowong AI units will become consolidated subsidiaries and affiliates of MultiMetaVerse ( MMV ), the company said.

The transaction remains subject to approvals and other closing conditions and that there is no guarantee that it will close in a timely manner or at all, the company said.