Newbury Street Acquisition called a March 20 meeting for shareholders to consider a deadline extension that would give the SPAC until September to seal its deal with Infinite Reality, which is engaged in artificial intelligence innovations and immersive virtual experiences.
Infinite Reality since last July has been paying the monthly extension fee into the SPAC’s trust. If the deal is terminated, Infinite Reality is on the hook for paying the SPAC’s expenses up to $3 million, including the monthly extension deposits.
At deal announcement in December 2022, the transaction was expected to provide up to $128 million growth capital to Infinite Reality. That amount assumed no redemptions. There is a minimum cash condition of $50 million to close.
Newbury raised $120 million in an April 2021 IPO. About about 47% of the SPAC’s shares were redeemed in connection with an extension vote almost a year ago.
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