Global Mofy AI Ltd - GMM STOCK NEWS

Global Mofy AI (Nasdaq: GMM) announced its successful delivery of visual effects (VFX) for the fantasy-action TV series Guardians of the Dafeng. The company leveraged generative AI technology and a high-precision 3D digital assets bank to create epic battle sequences and magical effects that elevated the series to cinematic standards.

The series has achieved remarkable success across multiple platforms: reaching over 30,000 in popularity index on Tencent Video, claiming the top spot on Disney+ Taiwan, becoming the highest-rated Chinese-language drama on Rakuten Viki North America with a 9.5/10 score, and ranking first among mainland Chinese dramas on Viu Singapore. The show is currently being translated into 13 languages for international distribution.

Global Mofy AI (Nasdaq: GMM) reported strong financial results for fiscal year 2024, with total revenue reaching $41.4 million, up 53.8% year-over-year. The company achieved record-high figures across key metrics, including gross profit of $20.8 million (50.3% margin) and net income of $12.1 million (29.4% margin).

Total assets increased 118.3% to $59.2 million, while EPS grew 61.2% to $6.37. R&D expenses rose 109.8% to $7.5 million, focusing on expanding the company's 3D digital asset library to over 100,000 assets and advancing its Gausspeed AI platform.

Notable developments include North American expansion through GMM DISCOVERY , launch of a $69 million investment fund with strategic partners, and a $2.5 million private placement financing. The company also established a vocational education institute and secured strategic partnerships in China.

Global Mofy AI (Nasdaq: GMM), a generative AI-driven technology solutions provider, has successfully regained compliance with Nasdaq's minimum bid price requirement. The company, which focuses on virtual content production and 3D digital asset development, received confirmation from Nasdaq on December 11, 2024, that it has met the necessary criteria by maintaining a closing bid price of $1.00 or higher for at least 10 consecutive trading days between November 26 and December 10, 2024. This resolves the non-compliance notice issued on September 25, 2024, and Nasdaq has officially closed the matter.

Global Mofy AI (GMM) announced a 1-for-15 reverse stock split effective November 26, 2024. The split will reduce outstanding shares from approximately 42.2 million to 2.8 million. The company's Class A ordinary shares will continue trading under 'GMM' with a new CUSIP number G3937M114. The move aims to comply with Nasdaq's minimum bid price requirement of $1.00 per share. The split adjusts the par value to $0.00003 per share, with outstanding warrants and options being proportionally adjusted. Fractional shares will be rounded up to the nearest whole share.

Global Mofy AI (Nasdaq: GMM), a generative AI-driven technology solutions provider, has been awarded membership in the Industrial Brand Promotion Organization by MIIT's Industrial Culture Development Center. This membership positions the company to collaborate with industry leaders, enhance brand competitiveness, and leverage its strengths in generative AI technology. The organization, guided by MIIT, aims to foster innovation and brand development across various sectors. CEO Haogang Yang emphasized that this recognition will enable closer collaboration with industry partners and create opportunities to deliver value to shareholders.

Global Mofy AI (Nasdaq: GMM) has successfully closed a $2.5 million private placement financing on October 31, 2024. The company issued 5,000,000 Class A ordinary shares and 10,000,000 warrants, with each warrant exercisable at $3.00 per share for a 5-year term. The proceeds will fund the development of their generative AI platform, R&D initiatives, administrative operations, talent acquisition, and working capital needs. The company will file a registration statement with the SEC for the resale of the shares and warrant-exercisable shares.

Global Mofy AI (Nasdaq: GMM) showcased its generative AI product Gausspeed at NVIDIA's forum during CNCC2024 in Hengdian, Zhejiang. The presentation demonstrated Gausspeed's capabilities in video synthesis and 3D asset generation, featuring its algorithms for creating high-quality interactive 3D models and video content from text inputs. The system serves multiple industries including film, OTT, smart city, medical, and virtual tourism. During a live demonstration, Gausspeed showcased its real-time rendering capabilities and platform interoperability. The technology aims to reduce production costs and time by automating video and 3D digital asset creation processes.

Global Mofy AI (Nasdaq: GMM), a generative AI-driven technology solutions provider, participated in the 'Discover Beautiful China in Huzhou' university talent recruitment event in Ningxia, China. The company, along with its Century Mofy Vocational Education Institute, engaged with emerging talent from various universities, showcasing opportunities in generative AI and digital content creation.

CEO Haogang Yang emphasized the event's importance in attracting talent for their Gausspeed technology and building connections with future innovators. Global Mofy's participation reinforces its position as a leader in generative AI technology and 3D digital content, while investing in the next generation of AI talent to drive future growth and innovation in the digital economy.

Global Mofy Metaverse (Nasdaq: GMM) CEO Haogang Yang participated in SIGGRAPH 2024 in Denver, Colorado, upon invitation from NVIDIA China. The event focused on generative AI and computer graphics advancements. Yang attended keynotes by NVIDIA CEO Jensen Huang and Meta CEO Mark Zuckerberg, exploring AI's transformative potential in creating virtual worlds and digital content.

NVIDIA introduced enhancements to Universal Scene Description (OpenUSD) and new NVIDIA NIM™ microservices for improved generative AI capabilities. Global Mofy's Gausspeed platform, built on NVIDIA Omniverse and OpenUSD, showcased the integration of AI with standardized creation processes for videos and 3D digital assets. This technology enables the development of high-fidelity, scalable, and interoperable digital content for global brands.