Mega Matrix Announces $1.5 Million Private Placement

Core Viewpoint - Mega Matrix Corp. has announced a private placement for the issuance and sale of 681,818 shares of common stock and accompanying warrants at a price of $2.20 per share, aiming to raise approximately$1.5 million for working capital and general corporate purposes [1][2]. Group 1: Private Placement Details - The private placement includes short-term series A warrants and series B warrants, both with an exercise price of $2.20 per share, exercisable immediately upon issuance [1]. - The series A warrants will expire 24 months after issuance, while the series B warrants will expire 5.5 years after issuance [1]. - The closing of the private placement is expected around August 5, 2024, pending customary closing conditions [1]. Group 2: Financial Implications - The gross proceeds from the offering are anticipated to be approximately$1.5 million before deducting fees and expenses related to the placement [2]. - The net proceeds will be utilized for working capital and general corporate purposes [2]. Group 3: Company Overview - Mega Matrix Corp. operates FlexTV, a short-video streaming platform and producer of short dramas, through its majority-controlled subsidiary Yuder Pte, Ltd. [5]. - The company is headquartered in Palo Alto, California, and is listed on NYSE American under the ticker MPU [5].