# EDGAR Filing Document

**Accession Number:** 0001874074
**File Stem:** 0000000000-23-001877
**Filing Date:** 2023-2
**Character Count:** 21614
**Document Hash:** 5112a2e9bdcfa7c33f0e9c14e450b5f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-001877.hdr.sgml**: 20230721

**ACCESSION NUMBER**: 0000000000-23-001877

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230224

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MultiMetaVerse Holdings Ltd
- **CENTRAL INDEX KEY:** 0001874074
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** BUILDING D3, 718 LINGSHI ROAD
- **STREET 2:** JING'AN DISTRICT
- **CITY:** SHANGHAI
- **STATE:** F4
- **ZIP:** 200072
- **BUSINESS PHONE:** 86-21-61853907

**MAIL ADDRESS:**
- **STREET 1:** BUILDING D3, 718 LINGSHI ROAD
- **STREET 2:** JING'AN DISTRICT
- **CITY:** SHANGHAI
- **STATE:** F4
- **ZIP:** 200072

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Model Performance Mini Corp.
- **DATE OF NAME CHANGE:** 20210721
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-23-008590

## Text-Extract

```

United States securities and exchange commission logo

                               February 24, 2023

       Yiran Xu
       Chief Executive Officer
       MultiMetaVerse Holdings Limited
       Building D3, No. 718, Lingshi Road
       Jingan District Shanghai
       China

                                                        Re: MultiMetaVerse
Holdings Limited
                                                            Registration
Statement on Form F-1
                                                            Filed February 7,
2023
                                                            File No. 333-269609

       Dear Yiran Xu:

              We have limited our review of your registration statement to
those issues we have
       addressed in our comments. In some of our comments, we may ask you to
provide us with
       information so we may better understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.

       Registration Statement on Form F-1 Filed February 7, 2023

       Cover Page

   1.                                                   For each of the
securities registered for resale, disclose the price that the selling
                                                        securityholders paid
for such securities. Please also disclose the potential profit the
                                                        selling securityholders
will earn based on the current trading price.
 Yiran Xu
FirstName LastNameYiran  Xu
MultiMetaVerse Holdings Limited
Comapany24,
February  NameMultiMetaVerse
            2023               Holdings Limited
February
Page 2 24, 2023 Page 2
FirstName LastName
2.       We note your disclosure in your risk factors and use of proceeds
section related to the fact
         that there is no guarantee that the holders of warrants will elect to
exercise the warrants.
         On the cover page, disclose the exercise price(s) of the warrants
compared to the market
         price of the underlying securities. If the warrants are out the money,
please disclose the
         likelihood that warrant holders will not exercise their warrants.
Provide similar disclosure
         in the prospectus summary and MD&A section and disclose that cash
proceeds associated
         with the exercises of the warrants are dependent on the stock price.
As applicable,
         describe the impact on your liquidity and update the discussion on the
ability of your
         company to fund your operations on a prospective basis with your
current cash on hand.
3.       We note the significant number of redemptions of your Class A ordinary
shares in
         connection with your business combination and that the shares being
registered for resale
         will constitute a considerable percentage of your public float. We
also note that most of
         the shares being registered for resale were purchased by the selling
securityholders for
         prices considerably below the current market price of the Class A
ordinary shares.
         Highlight the significant negative impact sales of shares on this
registration statement
         could have on the public trading price of the Class A ordinary shares.
4.       Please disclose prominently on the cover page that your contractual
arrangements with
         your VIE have not been tested in court.
5.       Please expand your disclosure on your cover page to expressly address
how recent
         statements and regulatory actions by China   s government, such as
those related to the use
         of variable interest entities and data security or anti-monopoly
concerns, have or may
         impact the company   s ability to conduct its business, accept foreign
investments, or list on
         a U.S. or other foreign exchange.
6.       Disclose clearly the entity (including the domicile) in which
investors are purchasing an
         interest.
7.       Expand your description of how cash is transferred through your
organization to provide
         cross-references to the condensed consolidating schedule and the
consolidated financial
         statements.
Summary of the Prospectus, page 1

8.       Identify clearly the entity in which investors are purchasing their
interest and the
         entity(ies) in which the company   s operations are conducted.
Disclose the uncertainties
         regarding the status of the rights of the Cayman Islands holding
company with respect to
         its contractual arrangements with the VIE, its founders and owners,
and the challenges the
         company may face enforcing these contractual agreements due to legal
uncertainties and
         jurisdictional limits.
9.       Disclose each permission or approval that you, your subsidiaries, or
the VIEs are required
         to obtain from Chinese authorities to operate your business and to
offer the securities
         being registered to foreign investors. State affirmatively whether you
have received all
 Yiran Xu
MultiMetaVerse Holdings Limited
February 24, 2023
Page 3
         requisite permissions or approvals and whether any permissions or
approvals have been
         denied. Please also describe the consequences to you and your
investors if you, your
         subsidiaries, or the VIEs: (i) do not receive or maintain such
permissions or approvals, (ii)
         inadvertently conclude that such permissions or approvals are not
required, or (iii)
         applicable laws, regulations, or interpretations change and you are
required to obtain such
         permissions or approvals in the future.
10.      We note that the consolidated VIEs constitute a material part of your
consolidated
         financial statements. Please provide in tabular form a condensed
consolidating schedule
         that disaggregates the operations and depicts the financial position,
cash flows, and results
         of operations as of the same dates and for the same periods for which
audited consolidated
         financial statements are required. The schedule should present major
line items, such as
         revenue and cost of goods/services, and subtotals and disaggregated
intercompany
         amounts, such as separate line items for intercompany receivables and
investment in
         subsidiary. The schedule should also disaggregate the parent company,
the VIEs and its
         consolidated subsidiaries, the WFOEs that are the primary beneficiary
of the VIEs, and an
         aggregation of other entities that are consolidated. The objective of
this disclosure is to
         allow an investor to evaluate the nature of assets held by, and the
operations of, entities
         apart from the VIE, as well as the nature and amounts associated with
intercompany
         transactions. Any intercompany amounts should be presented on a gross
basis and when
         necessary, additional disclosure about such amounts should be included
in order to make
         the information presented not misleading.
Risk Factors
Risks Related to Doing Business in China, page 42

11.      Given recent statements by the Chinese government indicating an intent
to exert more
         oversight and control over offerings that are conducted overseas
and/or foreign investment
         in China-based issuers, acknowledge the risk that any such action
could significantly limit
         or completely hinder your ability to offer or continue to offer
securities to investors and
         cause the value of such securities to significantly decline or be
worthless.
12.    In light of recent events indicating greater oversight by the Cyberspace
Administration of
       China (CAC) over data security, particularly for companies seeking to
list on a foreign
FirstName LastNameYiran Xu
       exchange, please revise your disclosure to explain how this oversight
impacts your
Comapany    NameMultiMetaVerse
       business                      Holdings
                 and your offering and         Limited
                                         to what extent you believe that you
are compliant with the
       regulations  or policies
February 24, 2023 Page 3        that have been issued by the CAC to date.
FirstName LastName
 Yiran Xu
FirstName LastNameYiran  Xu
MultiMetaVerse Holdings Limited
Comapany24,
February  NameMultiMetaVerse
            2023               Holdings Limited
February
Page 4 24, 2023 Page 4
FirstName LastName
Risks Related to MMV   s Securities and this Offering
The sale or availability for sale of substantial amounts of our securities...,
page 63

13.      Expand your risk factor on page 63 to highlight the negative pressure
potential sales of
         shares pursuant to this registration statement could have on the
public trading price of the
         Class A ordinary shares. To illustrate this risk, disclose the
purchase price of the securities
         being registered for resale and the percentage that these shares
currently represent of the
         total number of shares outstanding.
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Overview, page 104

14.      Please expand your discussion here to reflect the fact that this
offering involves the
         potential sale of a substantial portion of shares for resale and
discuss how such sales could
         impact the market price of the company   s common stock. Your
discussion should
         highlight the fact that Yiran Xu, a beneficial owner of 66.4% of your
outstanding shares,
         will be able to sell all of his shares for so long as the registration
statement of which this
         prospectus forms a part is available for use.
General

15.      We note that one or more of your officers or directors are located in
China. Please revise
         to include a separate Enforceability section to address the difficulty
of bringing actions
         against these individuals and enforcing judgments against them.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

        Refer to Rule 461 regarding requests for acceleration. Please allow
adequate time for us
to review any amendment prior to the requested effective date of the
registration statement.

       Please contact Alexandra Barone, Staff Attorney, at (202) 551-8816 or
Joshua Shainess,
Legal Branch Chief, at (202) 551-7951 with any questions.

                                                                Sincerely,

                                                                Division of
Corporation Finance
                                                                Office of
Technology
cc:      Jia Yan, Esq.

```

### Attached PDF Documents

**Attachment 1:** `filename1`

![img-0.jpeg](img-0.jpeg)

CORPORATION FINANCE

# UNITED STATES  
SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549

February 24, 2023

Yiran Xu  
Chief Executive Officer  
MultiMetaVerse Holdings Limited  
Building D3, No. 718, Lingshi Road  
Jingan District Shanghai  
China

# **Re: MultiMetaVerse Holdings Limited  
Registration Statement on Form F-1  
Filed February 7, 2023  
File No. 333-269609**

Dear Yiran Xu:

We have limited our review of your registration statement to those issues we have addressed in our comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments.

Registration Statement on Form F-1 Filed February 7, 2023

# Cover Page

1. For each of the securities registered for resale, disclose the price that the selling securityholders paid for such securities. Please also disclose the potential profit the selling securityholders will earn based on the current trading price.

Yiran Xu
MultiMetaVerse Holdings Limited
February 24, 2023
Page 2

2. We note your disclosure in your risk factors and use of proceeds section related to the fact that there is no guarantee that the holders of warrants will elect to exercise the warrants. On the cover page, disclose the exercise price(s) of the warrants compared to the market price of the underlying securities. If the warrants are out the money, please disclose the likelihood that warrant holders will not exercise their warrants. Provide similar disclosure in the prospectus summary and MD&A section and disclose that cash proceeds associated with the exercises of the warrants are dependent on the stock price. As applicable, describe the impact on your liquidity and update the discussion on the ability of your company to fund your operations on a prospective basis with your current cash on hand.
3. We note the significant number of redemptions of your Class A ordinary shares in connection with your business combination and that the shares being registered for resale will constitute a considerable percentage of your public float. We also note that most of the shares being registered for resale were purchased by the selling securityholders for prices considerably below the current market price of the Class A ordinary shares. Highlight the significant negative impact sales of shares on this registration statement could have on the public trading price of the Class A ordinary shares.
4. Please disclose prominently on the cover page that your contractual arrangements with your VIE have not been tested in court.
5. Please expand your disclosure on your cover page to expressly address how recent statements and regulatory actions by China's government, such as those related to the use of variable interest entities and data security or anti-monopoly concerns, have or may impact the company's ability to conduct its business, accept foreign investments, or list on a U.S. or other foreign exchange.
6. Disclose clearly the entity (including the domicile) in which investors are purchasing an interest.
7. Expand your description of how cash is transferred through your organization to provide cross-references to the condensed consolidating schedule and the consolidated financial statements.

Summary of the Prospectus, page 1

8. Identify clearly the entity in which investors are purchasing their interest and the entity(ies) in which the company's operations are conducted. Disclose the uncertainties regarding the status of the rights of the Cayman Islands holding company with respect to its contractual arrangements with the VIE, its founders and owners, and the challenges the company may face enforcing these contractual agreements due to legal uncertainties and jurisdictional limits.
9. Disclose each permission or approval that you, your subsidiaries, or the VIEs are required to obtain from Chinese authorities to operate your business and to offer the securities being registered to foreign investors. State affirmatively whether you have received all

Yiran Xu
MultiMetaVerse Holdings Limited
February 24, 2023
Page 3

requisite permissions or approvals and whether any permissions or approvals have been denied. Please also describe the consequences to you and your investors if you, your subsidiaries, or the VIEs: (i) do not receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and you are required to obtain such permissions or approvals in the future.

10. We note that the consolidated VIEs constitute a material part of your consolidated financial statements. Please provide in tabular form a condensed consolidating schedule that disaggregates the operations and depicts the financial position, cash flows, and results of operations as of the same dates and for the same periods for which audited consolidated financial statements are required. The schedule should present major line items, such as revenue and cost of goods/services, and subtotals and disaggregated intercompany amounts, such as separate line items for intercompany receivables and investment in subsidiary. The schedule should also disaggregate the parent company, the VIEs and its consolidated subsidiaries, the WFOEs that are the primary beneficiary of the VIEs, and an aggregation of other entities that are consolidated. The objective of this disclosure is to allow an investor to evaluate the nature of assets held by, and the operations of, entities apart from the VIE, as well as the nature and amounts associated with intercompany transactions. Any intercompany amounts should be presented on a gross basis and when necessary, additional disclosure about such amounts should be included in order to make the information presented not misleading.

# Risk Factors

# Risks Related to Doing Business in China, page 42

11. Given recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, acknowledge the risk that any such action could significantly limit or completely hinder your ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.

12. In light of recent events indicating greater oversight by the Cyberspace Administration of China (CAC) over data security, particularly for companies seeking to list on a foreign exchange, please revise your disclosure to explain how this oversight impacts your business and your offering and to what extent you believe that you are compliant with the regulations or policies that have been issued by the CAC to date.

Yiran Xu  
MultiMetaVerse Holdings Limited  
February 24, 2023  
Page 4

# Risks Related to MMV's Securities and this Offering

# The sale or availability for sale of substantial amounts of our securities... page 63

13. Expand your risk factor on page 63 to highlight the negative pressure potential sales of shares pursuant to this registration statement could have on the public trading price of the Class A ordinary shares. To illustrate this risk, disclose the purchase price of the securities being registered for resale and the percentage that these shares currently represent of the total number of shares outstanding.

# Management's Discussion and Analysis of Financial Condition and Results of Operations  
Overview, page 104

14. Please expand your discussion here to reflect the fact that this offering involves the potential sale of a substantial portion of shares for resale and discuss how such sales could impact the market price of the company's common stock. Your discussion should highlight the fact that Yiran Xu, a beneficial owner of 66.4% of your outstanding shares, will be able to sell all of his shares for so long as the registration statement of which this prospectus forms a part is available for use.

# General

15. We note that one or more of your officers or directors are located in China. Please revise to include a separate Enforceability section to address the difficulty of bringing actions against these individuals and enforcing judgments against them.

We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

Refer to Rule 461 regarding requests for acceleration. Please allow adequate time for us to review any amendment prior to the requested effective date of the registration statement.

Please contact Alexandra Barone, Staff Attorney, at (202) 551-8816 or Joshua Shainess, Legal Branch Chief, at (202) 551-7951 with any questions.

Sincerely,

Division of Corporation Finance Office of Technology

cc: Jia Yan, Esq.