Mega Matrix Corp. (NYSE American Exchange LLC:MPU), a company in the motion picture and video tape production industry, disclosed the departure of its chief operating officer, Xiangchen (Steven) Gao, and the termination of a material definitive agreement. The announcement was made in a Form 8-K filing with the Securities and Exchange Commission on Tuesday.
According to the filing, Gao entered into a Termination Agreement with Mega Matrix Corp. on August 30, 2024, effectively ending the employment contract that was initiated on January 18, 2024. Gao's resignation is set to take effect on September 30, 2024, and is cited as being for personal reasons.
The company clarified that his departure did not stem from any disagreements with management or the board regarding the company's operations, policies, practices, or accounting principles.
In other recent news, Mega Matrix Corp.'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.
The platform, operated by Mega Matrix's subsidiary Yuder Pte. Ltd., has been recognized for its diverse and high-quality short drama content and user-friendly viewing experience. FlexTV's success in Indonesia is a testament to its growing influence in the Asian market.
In a strategic move, Mega Matrix Corp. has formed a partnership with South Korean media enterprise Neorigin Co., which includes a $10 million content fund to enhance the production and distribution of original short drama content. This alliance is expected to expand FlexTV's content range and global reach.
In another development, Mega Matrix Corp. has entered into definitive agreements for a private placement expected to generate 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 serving as the exclusive placement agent for the offering. These developments are part of Mega Matrix Corp.'s recent strides in its business operations.
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