Model Performance (MPAC) Adds $12M PIPE to MultiMetaVerse Deal

Model Performance (NASDAQ:MPAC) announced this morning that it has added a $12 million PIPE to its combination with MultiMetaVerse, bringing the total PIPE to $22 million.

The recent subscription agreement comes from Prominence Investment Management Ltd pursuant to which the investor has agreed to purchase an aggregate of 1,200,000 Class A Ordinary Shares of MPAC at a price per share of $10.  The closing of the PIPE investment is conditioned upon, among other things, the completion of the transactions set forth in the merger agreement.

Model Performance inked its business combination with MultiMetaVerse in August of 2021. The SPAC raised $57.5 million in its April 2021 IPO and is set to finance the deal as a $300 million stock transaction at $10 per share.

The SPAC must maintain at least $20 million in cash available in order for the deal to close. MultiMetaVerse is a Hong Kong-based company with wholly owned subsidiaries Mi Ting Culture, Creativity Co. Ltd. and Shanghai Jupiter Creative Design Co. Ltd.