Mega Matrix Corp. Announced That It Has Successfully Closed the Acquisition of 60% of the Parent of FlexTV, a Short Drama Streaming Platform

PALO ALTO, Calif., Jan. 08, 2024 (GLOBE NEWSWIRE) -- Mega Matrix Corp. ("MPU" or the "Company") (NYSE American: MPU), today announced that it has entered into and closed a definitive Share Exchange Agreement with FunVerse Holding Limited (“FunVerse”), a company incorporated under the laws of the British Virgin Islands and the sole parent company of Yuder Pte, Ltd. ("Yuder”), and the shareholders of FunVerse on January 7, 2024. Pursuant to the agreement, the Company acquired 51,375,000 FunVerse’s shares, which represents 60% of voting capital stock of FunVerse, in exchange for 1,500,000 shares of common stock of the Company, par value $0.001.

Through Yuder, FunVerse now operates FlexTV, a short drama streaming platform based in Singapore. FlexTV produces English and Thai dramas and its users are spread across various countries such as Europe, America, and Southeast Asia. The production teams work in locations including the United States, United Kingdom, Australia, and Thailand.

Management Commentary

Mr. Yucheng Hu, CEO of Mega Matrix Corp. said, "With the acquisition of FlexTV, we are embarking on an exciting journey of growth and innovation. By harnessing the power of the Company’s operational ability and market influence, we expect to see a significant uplift in FlexTV's business performance. We plan to enhance our global footprint in the streaming world and to ensure we deliver substantial value to our shareholders in 2024.

FlexTV’s expertise in producing English and Thai dramas, combined with our expanded resources, sets the stage for a transformative impact on the market. This year is all about leveraging our strengths to not just meet but exceed business and artistic aspirations.

We are deeply committed to this vision and believe that this acquisition is a pivotal step towards reshaping the media landscape and generating robust returns for our shareholders."

About Mega Matrix: Mega Matrix Corp. is a holding company located in Palo Alto, California with four subsidiaries: Saving Digital Pte. Ltd., a Singapore corporation (“Saving”), Mega Matrix, Inc., an exempted company incorporated under the laws of the Cayman Islands, Mega Metaverse Corp., a California corporation (“Mega”), and Marsprotocol Technologies Pte. Ltd., a Singapore corporation (“MTP”). The Company focuses on crypto-related and short drama business. For more information, please contact [e-mail] or visit: http://www.megamatrix.io.