Mega Matrix Corp. Announces Approval of Redomicile Merger to Cayman Islands
Rhea-AI Summary
Mega Matrix Corp. (NYSE American: MPU) has announced that its stockholders have approved the adoption of the Third Amended and Restated Agreement and Plan of Merger, which will redomicile the company to the Cayman Islands. The redomicile merger is expected to become effective on October 8, 2024. As part of this process, each share of MPU's common stock will be converted into one Class A ordinary share of Mega Matrix Inc., an exempted company incorporated under Cayman Islands law.
On October 9, 2024, MPU Cayman's Class A Ordinary Shares will begin trading on the NYSE American under the same symbol 'MPU'. The new CUSIP number for MPU Cayman Class A Ordinary Shares will be G6005C 108. This move will result in MPU Cayman becoming the parent company of MPU.
Positive
- Stockholder approval for the redomicile merger
- Continuation of trading on NYSE American under the same symbol 'MPU'
- One-to-one conversion of existing shares to new Class A Ordinary Shares
Negative
- None.
News Market Reaction
On the day this news was published, MPU declined 8.11%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Plans to Complete Redomicile on October 8, 2024
Pursuant to the Merger Agreement, each one (1) share of the Company's common stock,
The Company expects the Redomicile Merger to become effective on October 8, 2024, and on October 9, 2024, MPU Cayman Class A Ordinary Shares will begin trading on the NYSE American under the trading symbol "MPU", the same symbol as the common stock of the Company. The CUSIP number for MPU Cayman Class A Ordinary Shares is G6005C 108.
About Mega Matrix: Mega Matrix Corp. (NYSE American: MPU) is a holding company that operates FlexTV, a short-video streaming platform and producer of short dramas, through its wholly-owned indirect subsidiary, Yuder Pte, Ltd. Mega Matrix Corp. is a Delaware corporation headquartered in Palo Alto, CA. For more information, please contact info@megamatrix.io or visit: http://www.megamatrix.io or follow us on social media via X (Twitter), Facebook or LinkedIn @megamatrixmpu.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements that are purely historical are forward looking statements. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose," and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees for future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: that the Company will effect the Redomicile Merger and that the MPU Cayman Class A Ordinary Shares will begin trading on the NYSE American on October 9,2024. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.
Disclosure Channels
We announce material information about the Company and its services and for complying with our disclosure obligation under Regulation FD via the following social media channels:
X (f/k/a Twitter): | twitter.com/MegaMatrixMPU |
Facebook: | facebook.com/megamatrixmpu facebook.com/flextvus |
LinkedIn: | linkedin.com/company/megamatrixmpu |
TikTok: | tiktok.com/@flextv_english |
YouTube: | youtube.com/@FlexTV_English |
The Company will also use its landing page on its corporate website (www.megamatrix.io) to host social media disclosures and/or links to/from such disclosures. The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our website, press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described above may be updated from time to time as listed on our website.
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SOURCE Mega Matrix Corp.
FAQ
When will Mega Matrix Corp. (MPU) complete its redomicile to the Cayman Islands?
How will the Mega Matrix Corp. (MPU) redomicile affect shareholders?
Will Mega Matrix Corp. (MPU) change its stock symbol after the redomicile?
What is the new CUSIP number for Mega Matrix Corp. (MPU) after the redomicile?
