Global Mofy Metaverse Limited Announces $10 Million Follow-on Offering

Beijing, CHINA, Dec. 29, 2023 (GLOBE NEWSWIRE) -- Global Mofy Metaverse Limited (the "Company" or “Global Mofy Metaverse”) (NASDAQ: GMM), a technology solutions provider engaged in virtual content production, digital marketing, and digital assets development for the metaverse industry, today announced that it has entered into certain securities purchase agreements with two institutional investors for a follow-on offering of $10 million of ordinary shares, par value $0.000002 per share (the "Ordinary Shares") and accompanying warrants at a price of $7.25 per share and accompanying warrants. In this institutional placement, the Company will issue a total of 1,379,313 Ordinary Shares and common warrants ("Common Warrants") for the purchase of up to 2,068,970 Ordinary Shares at an exercise price of $8.00 per share, which Common Warrants will have a term of three years from the date of issuance.

The net proceeds from this offering will be used for working capital and general corporate purposes. The offering is expected to close on or about January 3, 2024, subject to the satisfaction of customary closing conditions.

FT Global Capital Inc., acted as the lead placement agent and Prime Number Capital LLC as placement agent for the transaction.

These securities are being offered through a prospectus contained in the Company's effective registration statement on Form F-1(Filing No. 333-276277) which has been filed with and declared effective by the Securities and Exchange Commission (the "SEC") on December 28, 2023. A final prospectus related to the offering will be filed with the SEC and may be obtained via the SEC's website at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and these securities cannot be sold in any state in which this offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.