Loeb Represents Model Performance in a $300 Million Business Combination With MultiMetaVerse

Loeb & Loeb represented Model Performance Acquisition Corp. (“MPAC”), a special purpose acquisition company (SPAC), in the completion of its $300 million business combination with MultiMetaVerse Inc., an animation and entertainment company devoted to establishing an open community for its global users and to providing high-quality and immersive entertainment experiences.  The post-combination company operates under the name MultiMetaVerse Holdings Limited ("MMV"). MMV’s shares commenced trading on the Nasdaq Global Market under the ticker symbol “MMV” on January 5, 2023. 

This is the first de-SPAC transaction closed in 2023 with a China-based company as the target. MMV is widely believed to be the first Chinese company with a variable interest entity (“VIE”) structure listed on the Nasdaq Stock Exchange via a business combination with a SPAC since July 2021.
The Loeb deal team that represented Model Performance Acquisition Corp. included Capital Markets partner Giovanni Caruso and senior counsel Jane Tam; Corporate partner Ronelle Porter; Tax parter Shahrooz Shahnavaz, and associates Simoné Hovsepian and Rongwei Xie.

More information can be obtained from the joint press release.