Maquia Capital Acquisition and its sponsor in an 8-K said they have begun negotiation with unaffiliated third parties for a non-redemption agreement. The number of shares was not specified for the potential agreement, which is in discussion as the SPAC readies for a shareholder vote on an extension.
Maquia wants to push its completion deadline from Feb. 7 to Aug. 7.
In exchange for the NRA commitments, the sponsor would transfer 2.5% per month of the non-redeemed shares up to a maximum of six months. Any contribution would be conditioned upon a successful extension. No contribution will occur be made if the extension is not approved or is not completed, according to the filing.
Maquia has a merger agreement with Immersed, a provider of enterprise AI productivity solutions that use spatial computing and virtual reality to transform work environments.
The proposed business combination gives VR-focused Immersed an implied pre-money enterprise value of $150 million. Maquia has lost more than 80% of its trust to redemptions on extension votes over the last year and a half.
The parties earlier this month agreed to move their outside date to April 7, after which either Maquia or Immersed may terminate the deal. Read more.
