Infinite Reality, a company that helps build metaverse experiences, is in advanced talks to go public through a merger with Newbury Street Acquisition, Bloomberg reports, citing people with knowledge of the matter.
A transaction, which has yet to be finalized, could be announced as soon as next week as long as talks don’t fall apart at the last minute, said the people, who asked not to be identified discussing confidential information. Terms couldn’t immeditately be determined.
Newbury Street raised $120 million in a March 2021 IPO with plans at the time to acquire a technology business in the consumer internet or media space, including sports and entertainment verticals, with enterprise values of approximately $500 million to $2.5 billion. Read more.
