Immersed, a maker of software used in augmented and virtual reality (AR/VR) technology for remote working, has struck a deal to go public through a merger with a blank-check acquisition firm, according to REuters, citing people familiar with the matter.
Immersed will merge with Maquia Capital Acquisition in a deal that values the Austin, Texas-based firm at about $150 million, the sources said.
As part of the deal, Immersed is raising bridge financing through convertible notes from investors including Intel CEO Pat Gelsinger, former football player Tim Tebow, and All Blue Capital.
The deal value does not include the proceeds of $160 million that Maquia Capital raised in a May 2021 IPO, the sources said, adding that Immersed is in talks to raise additional financing through a PIPE. Read more.
