Maquia Capital Acquisition filed an updated investor presentation on its proposed merger with Immersed, a provider of enterprise AI productivity solutions that use spatial computing and virtual reality to transform work environments.
The deal has a transaction value of $297 million and an equity value of $284 million. The merger is expected to close in the secod quarter, pending shareholder approval.
Financing includes the SPAC’s $11.9 million cash in trust (less any further redemptions), a $3.1 million PIPE and a $3 million convertible note, as well as $150 million in Immersed rollover funds.
Existing Immersed shareholders would own 53% of the combined company. The SPAC’s sponsors would control 14% with the PIPE and convertible note investors owning 13%. Public shareholders and Immersed employees would own the remaining 20%.
Maquia has lost more than 80% of its trust to redemptions on extension votes over the last year and a half. The SPAC raised raised $160 million in a May 2021 IPO. Read more.
