NEW YORK, March 30, 2022 /PRNewswire/ -- Model Performance
Acquisition Corp. (NASDAQ: MPAC, the "Company"), a special purpose
acquisition company, announced today that it has deposited into the
Company's trust account (the "Trust Account") an aggregate of
$575,000 (representing $0.10 per Class A ordinary share), in order to
extend the period of time the Company has to complete a business
combination (the "Combination Period") for an additional three (3)
months period, from April 12, 2022 to
July 12, 2022. As previously
disclosed, pursuant to the First Amendment to the Merger Agreement
dated January 6, 2022 by and among
the Company, MultiMetaVerse Inc. ("MMV") and other parties named
therein, MMV has agreed to loan the Company an aggregate principal
amount of $2.75 million in three
tranches to fund any and all amounts required to extend the
Combination Period for up to two (2) times for an additional three
(3) months period each time. The loan bears no interest and is
repayable only at the closing of a business combination by the
Company. On March 29, 2022, the
Company used $575,000 of the loan
amount received to extend the Combination Period to July 12, 2022.
About Model Performance Acquisition Corp.
Model Performance Acquisition Corp. is a British Virgin Islands company incorporated as
a blank check company for the purpose of entering into a merger,
share exchange, asset acquisition, share purchase,
recapitalization, reorganization or similar business combination
with one or more businesses or entities.
Forward-Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward looking statements are
statements that are not historical facts. Such forward-looking
statements, including the successful consummation of the Company's
initial public offering, are subject to risks and uncertainties,
which could cause actual results to differ from the forward looking
statements. The Company expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based.
View original
content:https://www.prnewswire.com/news-releases/model-performance-acquisition-corp-announces-contribution-to-trust-account-to-extend-period-to-consummate-business-combination-301514300.html
SOURCE Model Performance Acquisition Corp.