Aries I Acquisition filee a preliminary poroxy seeking another extension on its merger deadline. The SPAc wants to push the deadline back up to 12 months until Aug. 21, 2023.
The most recent extension was made in May, when the SPAC’s sponsor deposited $1,078,125 into Aries’ trust.
The SPAC in the preliminary proxy said it still needs more time 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 would list on the Nasdaq under the ticker symbol JPG.
The transaction would provide up to $171 million of cash to the combined company (before transaction expenses and assuming no redemptions. Read more.
