Infinite Assets, a Metaverse infrastructure platform that enables brands to create, monetize and drive consumer engagement with digital content, today announced plans to merge with Aries I Acquisition. The companies said in a news release that the combined enterprise would have a pro forma equity value of approximately $700 million, assuming no redemptions by Aries’ public shareholders.
If approved, InfiniteWorld is expected to list on the Nasdaq under the ticker symbol JPG.
The transaction will provide up to $171 million of cash to the combined company (before transaction expenses and assuming no redemptions) from the approximately $145 million of cash in trust at Aries as well as cash on hand at InfiniteWorld. In addition, InfiniteWorld owns cryptocurrencies valued at approximately $93 million based on recent prices on Coinbase. All InfiniteWorld stockholders will roll 100% of their equity holdings into the combined company.
Existing InfiniteWorld stockholders will be eligible for an earnout of up to an additional 50 million shares if the combined company share price reaches certain per share price levels between $15.00 and $25.00 after closing of the transaction. InfiniteWorld stockholders and the Aries sponsor have also agreed to customary lock-up terms. Read more.
