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Mega Matrix Corp. Announces Approval of Redomicile Merger to Cayman Islands

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Mega Matrix Corp. (NYSE American: MPU) has announced that its stockholders have approved the adoption of the Third Amended and Restated Agreement and Plan of Merger, which will redomicile the company to the Cayman Islands. The redomicile merger is expected to become effective on October 8, 2024. As part of this process, each share of MPU's common stock will be converted into one Class A ordinary share of Mega Matrix Inc., an exempted company incorporated under Cayman Islands law.

On October 9, 2024, MPU Cayman's Class A Ordinary Shares will begin trading on the NYSE American under the same symbol 'MPU'. The new CUSIP number for MPU Cayman Class A Ordinary Shares will be G6005C 108. This move will result in MPU Cayman becoming the parent company of MPU.

La Mega Matrix Corp. (NYSE American: MPU) ha annunciato che i suoi azionisti hanno approvato l'adozione del Terzo Accordo e Piano di Fusione Modificato e Restituito, che riportera' la sede legale dell'azienda nelle Isole Cayman. La fusione con il cambio di domicilio dovrebbe diventare effettiva il 8 ottobre 2024. Come parte di questo processo, ogni azione ordinaria di MPU sarà convertita in un'azione ordinaria di Classe A di Mega Matrix Inc., una società esentata incorporata secondo la legge delle Isole Cayman.

Il 9 ottobre 2024, le azioni ordinarie di Classe A di MPU Cayman inizieranno a essere scambiate su NYSE American con lo stesso simbolo 'MPU'. Il nuovo numero CUSIP per le azioni ordinarie di Classe A di MPU Cayman sarà G6005C 108. Questo passaggio comporterà che MPU Cayman diventi la società madre di MPU.

Mega Matrix Corp. (NYSE American: MPU) ha anunciado que sus accionistas han aprobado la adopción del Tercer Acuerdo y Plan de Fusión Modificado y Restituido, que trasladará a la empresa a las Islas Caimán. Se espera que la fusión que implica el traslado de domicilio entre en vigor el 8 de octubre de 2024. Como parte de este proceso, cada acción ordinaria de MPU se convertirá en una acción ordinaria de Clase A de Mega Matrix Inc., una empresa exenta constituida bajo la ley de las Islas Caimán.

El 9 de octubre de 2024, las acciones ordinarias de Clase A de MPU Cayman comenzarán a cotizar en NYSE American bajo el mismo símbolo 'MPU'. El nuevo número CUSIP para las acciones de Clase A de MPU Cayman será G6005C 108. Esta medida resultará en que MPU Cayman se convierta en la empresa matriz de MPU.

메가 매트릭스 코퍼레이션(Mega Matrix Corp.) (NYSE American: MPU)은 주주들이 제3차 수정 및 갱신된 합병 계약을 채택하는 것을 승인했다고 발표했습니다. 이는 회사를 케이맨 제도로 이전하는 것입니다. 변경된 합병은 2024년 10월 8일에 발효될 것으로 예상됩니다. 이 과정의 일환으로, MPU의 보통주 한 주는 케이맨 제도 법에 따라 설립된 면세 회사인 메가 매트릭스 주식회사의 클래스 A 보통주 한 주로 전환됩니다.

2024년 10월 9일에 MPU 케이맨의 클래스 A 보통주가 NYSE American에서 'MPU'라는 동일한 심볼로 거래를 시작할 것입니다. MPU 케이맨 클래스 A 보통주의 새로운 CUSIP 번호는 G6005C 108이 될 것입니다. 이 조치는 MPU 케이맨이 MPU의 모회사가 되는 결과를 초래할 것입니다.

Mega Matrix Corp. (NYSE American: MPU) a annoncé que ses actionnaires ont approuvé l'adoption du Troisième Accord et Plan de Fusion Modifié et Restitué, qui transférera la société aux Îles Caïmans. La fusion pour le transfert de domicile devrait entrer en vigueur le 8 octobre 2024. Dans le cadre de ce processus, chaque action ordinaire de MPU sera convertie en une action ordinaire de Classe A de Mega Matrix Inc., une société exemptée constituée selon la loi des Îles Caïmans.

Le 9 octobre 2024, les actions ordinaires de Classe A de MPU Cayman commenceront à être négociées sur NYSE American sous le même symbole 'MPU'. Le nouveau numéro CUSIP pour les actions ordinaires de Classe A de MPU Cayman sera G6005C 108. Ce mouvement entraînera le fait que MPU Cayman deviendra la société mère de MPU.

Mega Matrix Corp. (NYSE American: MPU) hat angekündigt, dass ihre Aktionäre die Annahme des Dritten Geänderten und Wiederhergestellten Fusionsvertrags beschlossen haben, der das Unternehmen in die Kaimaninseln verlegen wird. Die Verlegung durch die Fusion wird voraussichtlich am 8. Oktober 2024 wirksam werden. Im Rahmen dieses Prozesses wird jede Aktie von MPU in eine Class A-Ordinary-Share von Mega Matrix Inc. umgewandelt, einem befreiten Unternehmen, das nach dem Recht der Kaimaninseln gegründet wurde.

Am 9. Oktober 2024 werden die Class A-Ordinary-Shares von MPU Cayman an der NYSE American unter dem gleichen Symbol 'MPU' gehandelt. Die neue CUSIP-Nummer für die Class A-Ordinary-Shares von MPU Cayman wird G6005C 108 sein. Diese Maßnahme wird dazu führen, dass MPU Cayman das Mutterunternehmen von MPU wird.

Positive
  • Stockholder approval for the redomicile merger
  • Continuation of trading on NYSE American under the same symbol 'MPU'
  • One-to-one conversion of existing shares to new Class A Ordinary Shares
Negative
  • None.

Insights

The approval of the redomicile merger to the Cayman Islands is a significant corporate restructuring for Mega Matrix Corp. This move could have several implications:

  • Potential tax benefits due to the Cayman Islands' favorable tax regime
  • Increased flexibility in corporate governance under Cayman Islands law
  • Possible enhanced access to international capital markets

However, investors should be aware of potential drawbacks:

  • Changes in shareholder rights and protections under Cayman Islands law
  • Increased complexity in regulatory compliance across multiple jurisdictions
  • Possible scrutiny from U.S. regulators regarding offshore operations

The 1:1 conversion of shares maintains existing ownership structures, which is generally favorable for current shareholders. The continuation of the "MPU" ticker symbol should help maintain market recognition and liquidity.

The redomicile to the Cayman Islands is a strategic move that could impact Mega Matrix Corp's financial position:

  • Potential tax savings could improve the company's bottom line and cash flow
  • The move may attract new international investors, potentially increasing demand for shares
  • Reduced regulatory burden could lower compliance costs

However, there are financial considerations to watch:

  • Initial costs associated with the merger and relocation
  • Possible changes in financial reporting standards
  • Currency exchange risks if operations remain primarily in the U.S.

With a market cap of $44,457,526, this move could be significant for MPU's financial structure. Investors should closely monitor the company's first post-merger financial reports to assess the immediate impact on its financial health and performance.

Plans to Complete Redomicile on October 8, 2024

PALO ALTO, Calif., Sept. 26, 2024 /PRNewswire/ -- Mega Matrix Corp. ("MPU" or the "Company") (NYSE American: MPU) today announced that its stockholders have approved the adoption of the Third Amended and Restated Agreement and Plan of Merger ("Merger Agreement"), dated as of May 31, 2024, which provides for a redomicile of the Company to the Cayman Islands through a merger.

Pursuant to the Merger Agreement, each one (1) share of the Company's common stock, $0.001 par value per share, acquired prior to the effective date will be converted into the right to receive one (1) Class A ordinary share, par value $0.001 per share ("Class A Ordinary Shares"), of Mega Matrix Inc., an exempted company incorporated under the laws of the Cayman Islands ("MPU Cayman"). As a result of the redomicile merger, MPU Cayman will become the parent company of MPU ("Redomicile Merger").

The Company expects the Redomicile Merger to become effective on October 8, 2024, and on October 9, 2024, MPU Cayman Class A Ordinary Shares will begin trading on the NYSE American under the trading symbol "MPU", the same symbol as the common stock of the Company. The CUSIP number for MPU Cayman Class A Ordinary Shares is G6005C 108.

About Mega Matrix: Mega Matrix Corp. (NYSE American: MPU) is a holding company that operates FlexTV, a short-video streaming platform and producer of short dramas, through its wholly-owned indirect subsidiary, Yuder Pte, Ltd. Mega Matrix Corp. is a Delaware corporation headquartered in Palo Alto, CA. For more information, please contact info@megamatrix.io or visit: http://www.megamatrix.io or follow us on social media via X (Twitter), Facebook or LinkedIn @megamatrixmpu.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements that are purely historical are forward looking statements. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose," and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees for future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: that the Company will effect the Redomicile Merger and that the MPU Cayman Class A Ordinary Shares will begin trading on the NYSE American on October 9,2024. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Disclosure Channels

We announce material information about the Company and its services and for complying with our disclosure obligation under Regulation FD via the following social media channels:

X (f/k/a Twitter):

twitter.com/MegaMatrixMPU

Facebook:

facebook.com/megamatrixmpu

facebook.com/flextvus

LinkedIn:

linkedin.com/company/megamatrixmpu

TikTok:

tiktok.com/@flextv_english

YouTube:

youtube.com/@FlexTV_English

The Company will also use its landing page on its corporate website (www.megamatrix.io) to host social media disclosures and/or links to/from such disclosures. The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our website, press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described above may be updated from time to time as listed on our website.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/mega-matrix-corp-announces-approval-of-redomicile-merger-to-cayman-islands-302259735.html

SOURCE Mega Matrix Corp.

FAQ

When will Mega Matrix Corp. (MPU) complete its redomicile to the Cayman Islands?

Mega Matrix Corp. (MPU) expects to complete its redomicile merger to the Cayman Islands on October 8, 2024.

How will the Mega Matrix Corp. (MPU) redomicile affect shareholders?

Each share of MPU's common stock will be converted into one Class A ordinary share of Mega Matrix Inc., the new Cayman Islands-based parent company.

Will Mega Matrix Corp. (MPU) change its stock symbol after the redomicile?

No, Mega Matrix Corp. (MPU) will continue to trade under the same symbol 'MPU' on the NYSE American after the redomicile.

What is the new CUSIP number for Mega Matrix Corp. (MPU) after the redomicile?

The new CUSIP number for Mega Matrix Inc. (MPU Cayman) Class A Ordinary Shares will be G6005C 108.

Mega Matrix Inc.

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