Aries I Acquisition exended its merger deadline from May 21 to Aug. 21. The extension is the first of two three-month extensions permitted under Aries’ governing documents.
In connection with the extension, the SPAC’s sponsor will deposit $1,078,125 into Aries’ trust prior to May 21. The SPAC in a news release said the additional time would allow it to complete its proposed business combination with Infinite Assets, a Metaverse infrastructure platform that enables brands to create, monetize and drive consumer engagement with digital content.
As announced in December, 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. Read more.
