Aries I Acquisition has activated the first of up to 12 monthly deadline extensions, with the current extension good until Sept. 21.
The SPAC’s sponsor deposited $80,362.03 into Aries’ trust account as compensation for the extension.
Aries has said it needs additional time to complete a proposed business combination with Infinite Assets, a Web3 and Metaverse infrastructure company.
The last extension was made in May, when the SPAC’s sponsor deposited $1,078,125 into Aries’ trust.
As announced last 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.
