Mega Matrix Corp. Announces Initial Closing of Its Private Placement and Raises $ 10 Million to Launch New Platform “MarsProtocol” to Develop New Business in Digital Assets Staking
January 20 2023 - 4:45PM
Mega Matrix Corp. (“MTMT” or the “Company”) (NYSE American: MTMT),
today announced that the Company closed its initial round of
private placement (“Private Placement”) launched on December 23,
2022 and will issue an aggregate of 4,314,615 shares of Common
Stock, at a price of $1.30 per share for aggregate gross of
approximately $5.6 million. In addition, the Company had completed
the private placement of $4.4 million previously in October 2022.
In the past 3 months, the Company raised over
$10 million in total to develop its new business model in digital
assets staking. The new business model is two-fold: engaging in
solo-staking and providing staking as a service (“StaaS”). The
Company has previously explored Solo-Staking in Q3 2022 and plans
to pursue its StaaS under Saving Digital Pte. Ltd., the Company’s
Singapore subsidiary.
Solo-Staking enables the Company to utilize its
Ethereum (ETH) treasury to stake on the Ethereum beacon chain and
to earn ETH-denominated rewards directly from the Ethereum
protocol. The Company will operate StaaS through its staking
platform “MarsProtocol,” an individual and institutional grade
designed staking platform, assisting users to participate in
staking to earn ETH rewards and yield in a safer, more stable, and
more efficient way. For more information, please visit:
http://www.marsprotocol.com.
Following the transition by Ethereum on
September 15, 2022 from proof-of-work (PoW) to a proof-of-stake
(PoS) consensus mechanism (the “Merge”), Ethereum shifted to a PoS
validation system where validators stake their ETH into a smart
contract on Ethereum to serve as collateral that can be destroyed
if the validator behaves dishonestly or lazily. The validator
(selected randomly) is then responsible for processing the
blockchain transactions, storing data and adding new blocks to the
blockchain. To become a validator on Ethereum, a participant must
stake 32 ETH. MarsProtocol will seek to provide a non-custodian
StaaS platform where its users’ private keys are not stored in its
data base to ensure the safety of its users’ digital assets.
“We are very excited about our new business
strategy, and we are looking forward to provide the excellent
digital assets staking services through MarsProtocol enabling users
to earn ETH rewards through an easy-to-use platform," said Mr.
Yucheng Hu, CEO of Mega Matrix Corp.
About Mega Matrix: Mega Matrix
Corp. (the “Company”) is a holding company located in Palo Alto,
California with four subsidiaries: Saving Digital Pte. Ltd., a
Singapore corporation (“Saving”), MarsProtocol Inc., an exempt
company incorporated under the laws of the Cayman Islands, Mega
Metaverse Corp., a California corporation (“Mega”) and JetFleet
Management Corp. a California corporation (“JetFleet”). The Company
will engage in solo-staking and provide staking as a service
(“StaaS”) services through its staking platform “MarsProtocol,” and
will continue to focus on third-party management service contracts
for aircraft operations through our majority owned subsidiary
JetFleet, which was part of our legacy business. For more
information, please visit: http://www.mtmtgroup.com.
No Offer or Solicitation
This press release is being issued pursuant to
and in accordance with Rule 135c under the Securities Act of 1933,
as amended (“Securities Act”). This press release is for
informational purposes only and is not an offer to sell, or the
solicitation of an offer to buy, the securities described herein.
The securities described herein have not been, and will not be,
registered under the Securities Act and may not be offered or sold
in the United States absent registration or an applicable exemption
from the registration requirements of the Securities Act.
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: the ability to
manage growth; ability to identify and integrate other future
acquisitions; ability to obtain additional financing in the future
to fund capital expenditures; fluctuations in general economic and
business conditions; costs or other factors adversely affecting the
Company’s profitability; litigation involving patents, intellectual
property, and other matters; potential changes in the legislative
and regulatory environment; a pandemic or epidemic; the occurrence
of any event, change or other circumstances that could affect the
Company's ability to continue successful development of its digital
assets staking business model; the possibility that the Company may
not succeed in developing its new lines of businesses due to, among
other things, changes in the business environment, competition,
changes in regulation, or other economic and policy factors; the
possibility that the Company's new lines of business may be
adversely affected by other economic, business, and/or competitive
factors. The forward looking statements in this press release and
the Company’s future results of operations are subject to
additional risks and uncertainties set forth in in documents filed
by the Company with the Securities and Exchange Commission,
including the Company’s quarterly reports on Form 10-Q and the
Company’s latest annual report on Form 10-K, and are based on
information available to the Company on the date hereof. In
addition, such risks and uncertainties include uncertainties
surrounding the ability to generate cash proceeds through the sale
or other monetization of the Company’s assets. 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.
Investor Relations: info@mtmtgroup.com
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