SPACInsider Logo
Model Performance (MPAC) Adds $12M PIPE to MultiMetaVerse Deal
Model Performance (MPAC) Adds $12M PIPE to MultiMetaVerse Deal
by Marlena Haddad on 2022-11-03 at 11:36am

Model Performance (NASDAQ:MPAC) announced this morning that it has added a $12 million PIPE to its combination with MultiMetaVerse, bringing the total PIPE to $22 million.

The recent subscription agreement comes from Prominence Investment Management Ltd pursuant to which the investor has agreed to purchase an aggregate of 1,200,000 Class A Ordinary Shares of MPAC at a price per share of $10.  The closing of the PIPE investment is conditioned upon, among other things, the completion of the transactions set forth in the merger agreement.

Model Performance inked its business combination with MultiMetaVerse in August of 2021. The SPAC raised $57.5 million in its April 2021 IPO and is set to finance the deal as a $300 million stock transaction at $10 per share.

The SPAC must maintain at least $20 million in cash available in order for the deal to close. MultiMetaVerse is a Hong Kong-based company with wholly owned subsidiaries Mi Ting Culture, Creativity Co. Ltd. and Shanghai Jupiter Creative Design Co. Ltd.


Recent Posts
by Marlena Haddad on 2022-11-28 at 12:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Virgin Galactic appoints new top lawyer, Trump Media SPAC rises after investors approve merger deadline extension, and Al Maadeed to be first Qatari to list company on NYSE Virgin Galactic, Preparing for Liftoff,...

by Nicholas Alan Clayton on 2022-11-25 at 2:31pm

PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...

by Marlena Haddad on 2022-11-25 at 11:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter Founder of troubled electric van maker Arrival steps aside as CEO The founder...

by Nicholas Alan Clayton on 2022-11-25 at 7:31am

Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....

by Marlena Haddad on 2022-11-23 at 4:49pm

Venus Acquisition Corp. (NASDAQ:VENA) announced this afternoon that it has secured an investor for a backstop agreement in connection to its business combination with VIYI Algorithm. Venus and its sponsor, Yolanda Management Corporation, entered into a backstop agreement with Joyous JD Limited to purchase VENA shares from third parties through a broker in the open market, or...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved