Myseum, Inc. announced the completion of the sale of its 34% ownership interest in RPM Interactive, Inc. as part of a 100% acquisition by Avalon GloboCare Corp.
The acquisition involved Avalon issuing 19,500 shares of Series E Non-Voting Convertible Preferred Stock to RPM's stockholders, totaling $19.5 million.
Myseum's CEO, Darin Myman, highlighted the strategic importance of divesting the interest in RPM Interactive to focus on expanding the core Picture Party business.
Sale Details
Myseum sold its 34% ownership interest in RPM Interactive, Inc. as part of Avalon GloboCare Corp.'s acquisition.
Financial Impact
The sale resulted in Myseum receiving approximately $6.5 million in the Avalon GloboCare Corp. acquisition.
Business Focus
Myseum aims to concentrate resources on expanding its core Picture Party business following the divestiture of the RPM Interactive interest.
Strategic Positioning
The sale strengthens Myseum's position in the interactive media space and supports its primary growth initiatives.
Innovative Platform
Myseum's Picture Party platform offers a dynamic social sharing experience emphasizing privacy and secure connections.
- The completion of the sale provides Myseum with additional resources to focus on enhancing its Picture Party platform and expanding its interactive media presence.
- By divesting its interest in RPM Interactive, Myseum can strategically position itself to capitalize on growth opportunities within the digital media industry.
The sale of Myseum's minority interest in RPM Interactive marks a strategic decision to strengthen its position in the interactive media space and focus on core business expansion initiatives.