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

Beijing, CHINA, Jan. 03, 2024 (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 closed its previously announced 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 issued 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 to two institutional investors, which Common Warrants have a term of three years from the date of issuance. The net proceeds to the Company from this offering are approximately $8.9 million, after deducting placement agent fees and other estimated offering expenses.

FT Global Capital Inc. acted as the lead placement agent and Prime Number Capital LLC acted as placement agent for the transaction. Ortoli Rosenstadt LLP acted as U.S. counsel to the Company and ArentFox Schiff LLP acted as U.S. securities counsel to the placement agents, in connection with the Offering.

“We are pleased to close this offering, particularly given the current macroeconomic backdrop. We appreciate the continued support and market recognition as we execute our business plan” said Mr. Yang Haogang, Chairman and CEO of Global Mofy Metaverse. “The proceeds provided by this offering will help facilitate our continued global business expansion and R&D of core technologies of the metaverse industry.”

These securities are being offered through a prospectus contained in the Company's effective registration statement on Form F-1 (SEC Filing No. 333-276277) which was declared effective by the Securities and Exchange Commission (the "SEC") on December 28, 2023. A final prospectus related to the offering was 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.