MultiMetaVerse Inc. entered into a merger agreement to acquire Model Performance Acquisition Corp. (NasdaqCM:MPAC) for $300 million in a reverse merger transaction on August 6, 2021. On January 6, 2022, each of the parties to the Merger Agreement and Avatar Group Holdings Limited, entered into a First Amendment to Merger Agreement.

In a related transaction, BILIBILI Inc has entered into a subscription agreement to subscribe shares in Model Performance Acquisition Corp. The merger agreement can be terminated under certain circumstances. The transaction is subject to no provisions of any applicable law, and no order shall prohibit or prevent the consummation of the closing, no action bought by any third party, the representations and warranties remaining true, reincorporation merger shall have been consummated and the applicable certificates filed in the appropriate jurisdictions, SEC shall have declared the registration statement effective, government approval, approval of shareholders of MultiMetaVerse Inc. and Model Performance Acquisition Corp., key personnel shall have executed the Labor Agreements, Non-disclosure and Non-solicitation Agreements and Non-Compete Agreements, the Directors designated by MultiMetaVerse shall have been appointed to the board of directors of Model Performance Acquisition Corp, effective as of the closing, Model Performance Acquisition Corp.

complying with the reporting requirements under the applicable Securities Act and Exchange Act and there having been no material adverse effect to Model Performance Acquisition, immediately after the closing, Model Performance Acquisition shall have in excess of $5 million in net tangible assets, certain shareholders of MultiMetaVerse shall have completed the ODI filings and an equity financing in aggregate amount of no less than $20 million shall have been consummated or consummate substantially concurrently with the closing of the transactions. On December 8, 2021, Patrick Tsang resigned from his positions as a director of the board of directors of MultiMetaVerse Inc., including from his committee positions on the Audit Committee, Compensation Committee, and the Nominating Committee, effective immediately. Mr. Tsang's resignation is not as a result of any disagreement with MultiMetaVerse Inc. relating to its operations, policies or practices.

The Board of Directors of MultiMetaVerse Inc. and Model Performance Acquisition Corp. unanimously approved the transaction. Pursuant to the Amendment on January 6, 2022, the parties agreed, among other things, that the Outside Closing Date of the proposed business combination contemplated by the Merger Agreement shall be extended to September 30, 2022 from December 31, 2021.

As of March 29, 2022, Model Performance has deposited into the Company's trust account an aggregate of $575,000 in order to extend the period of time the Company has to complete a business combination for an additional three (3) months period, from April 12, 2022 to July 12, 2022. Jia Yan of Paul Hastings LLP acted as the legal advisor to MultiMetaVerse Inc. and Giovanni Caruso of Loeb & Loeb LLP acted as the legal advisor to Model Performance Acquisition Corp.