Cypher Metaverse Inc. Ends Business Deal with Agapi Luxury Brands

Cypher Metaverse Inc., a company listed on the Canadian Securities Exchange (CSE:CODE), announced the termination of its business combination agreement with Agapi Luxury Brands Inc. The decision follows a settlement agreement between the two companies dated November 14, 2024.

As per the settlement, Agapi will issue 802,290 common shares priced at $1.20 each. Additionally, Cypher Metaverse will receive a royalty on Agapi's future product sales. This agreement settles the $962,748 owed by Agapi to Cypher Metaverse in principal and interest.

Royalties are structured to prioritize payments up to certain sales thresholds, with a 5% royalty on the first $5 million of gross sales and subsequent 2.5% on sales between $5 million and $10 million CAD.