Maquia Capital Acquisition Calls Off $297M Immersed Deal 1 Month After Filing Prospectus

Maquia Capital Acquisition in an 8-K said it terminated a deal with Immersed, a provider of enterprise AI productivity solutions that use spatial computing and virtual reality to transform work environments. The decision was mutual, according to the filing. Maquia said it intends to continue to identify and pursue a business combination.

The termination comes precisely one month after the SPAC filed a prospectus outlining the deal, which had a transaction value of $297 million and an equity value of $284 million.

The financing package was to include the SPAC’s $11.9 million cash in trust, a $3.1 million PIPE and a $3 million convertible note, plus $150 million in Immersed rollover funds.

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.

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