Newbury Street Acquisition today filed an investor presentation highlighting its proposed merger with Infinite Reality, a provider of immersive virtual experiences.
The transaction values the combined company at an equity value of approximately $1.85 billion, including approximately $1.7 billion attributable to Infinite Reality. If approved, upon completion of the deal Infinite Reality is expected to list on the Nasdaq.
The deal is expected to provide up to $128 million growth capital to Infinite Reality and is conditioned on minimum cash of $50 million at closing.
In connection with the transaction, non-redeeming Nubury stockholders and investors who subscribe for shares in a pending private placement will receive contingent value rights entitling holders to certain down-side price protection and a premium return, subject to trading prices of the merged company’s common stock during the 18-month period after closing. Read more.
