Newbury Street Acquisition in a proxy filing said it will call a meeting next month for shareholders to consider an extension proposal that would give the SPASc until September to complete its deal with Infinity Reality, a provider of immersive virtual experiences. No other business is scheduled for the meeting, according to the proxy.
The merger transaction values the combined company at an equity value of approximately $1.85 billion, including approximately $1.7 billion attributable to Infinite Reality.
Announced in December, 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.
Newbury raised $120 million in an April 2021 IPO. Read more.
