PALO ALTO, CA - Mega Matrix Corp. (NYSE American: MPU), a company in the motion picture and video tape production industry, has announced the adjournment of its special meeting of stockholders originally scheduled for September 18, 2024. The meeting was postponed to allow additional time for stockholders to vote on a proposal detailed in a proxy statement filed on August 16, 2024.
The adjourned Special Meeting is now set to reconvene virtually on September 25, 2024, at 10:00 a.m. Pacific Time. Stockholders as of the record date, which remains July 29, 2024, are entitled to vote at the rescheduled meeting. The company has confirmed that no business was conducted on the original meeting date and that the same proposal will be considered at the reconvened meeting.
Stockholders who have already voted on the proposal are not required to vote again, unless they decide to change their original vote. The company emphasizes that proxies submitted prior to the original meeting date will still be valid for the reconvened meeting unless they are properly revoked. Mega Matrix Corp. is actively continuing to solicit votes from its stockholders during the adjournment period.
In other recent news, Mega Matrix Corp. has been in the spotlight for several significant developments. The company's board of directors approved a $144,000 bonus for CEO Yucheng Hu, recognizing his exceptional leadership and contributions to the company. Mega Matrix also announced the departure of its Chief Operating Officer, Xiangchen (Steven) Gao, due to personal reasons.
The company's streaming platform, FlexTV, has climbed to the third spot in the App Store Entertainment Chart and Google (NASDAQ:GOOGL) Play Entertainment App rankings for free apps in Indonesia, demonstrating its increasing influence in the Asian market. In a strategic move, Mega Matrix Corp. has formed a partnership with South Korean media enterprise Neorigin Co., committing a $10 million content fund to bolster the production and distribution of original short drama content.
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. These are some of the recent developments in Mega Matrix Corp.'s business operations.
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