PALO ALTO, CA - Mega Matrix Corp. (NYSE American Exchange LLC:MPU) has disclosed in a recent SEC filing that its board of directors approved a significant bonus for CEO Yucheng Hu. Following the recommendation from the Compensation Committee, the board has granted Mr. Hu a discretionary cash bonus of $144,000.
This reward comes as a recognition of Mr. Hu's "exceptional leadership and contribution to the Company’s goals," as stated in the filing. The payment of the bonus is structured over a four-month period, with 25% being paid monthly starting from September 15, 2024, through to December 15, 2024.
The decision was formalized on Monday, with the bonus payments slated to begin this Sunday. The payout schedule will continue with equal parts disbursed on October 15, November 15, and the final installment on December 15, 2024.
Mega Matrix Corp., formerly known as AeroCentury Corp. and Aeromax Inc., operates within the motion picture and video tape production industry under the SIC code 7812. The company, with a central index key of 0001036848, is incorporated in Delaware and has its principal executive offices located at 3000 El Camino Real, Building 4, Suite 200, Palo Alto (NASDAQ:PANW), CA 94306.
In other recent news, Mega Matrix Corp. has seen noteworthy developments across different areas of its operations. The company announced the departure of its Chief Operating Officer, Xiangchen (Steven) Gao, citing personal reasons for the exit. There were no reported disagreements with the management or board that led to this decision.
In addition, Mega Matrix Corp.'s streaming platform, FlexTV, has risen to the third spot in the App Store Entertainment Chart and Google (NASDAQ:GOOGL) Play Entertainment App rankings for free apps in Indonesia. This achievement is a testament to the platform's growing influence in the Asian market.
On the strategic front, Mega Matrix Corp. has partnered with South Korean media enterprise Neorigin Co., committing a $10 million content fund to boost the production and distribution of original short drama content. This move is expected to broaden FlexTV's content range and global reach.
Lastly, Mega Matrix Corp. has entered into definitive agreements for a private placement expected to yield gross proceeds of approximately $1.5 million.
The transaction involves the sale of 681,818 shares of common stock, along with series A and B warrants. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.