Newbury Street Acquisition said the Nasdaq agreed to extend the SPAC’s listing oin the exchange through Sept. 23.
The SPAC had been warned of non-compliance with a listing requirement that blank-check firms must complete an acquisition within 36 months of their IPO registration statement.
The SPAC raised $120 million in a March 2021 IPO with plans to acquire a technology business in the consumer internet or media space, including sports and entertainment verticals, with enterprise values of approximately $500 million to $2.5 billion.
Newbury Street has a deal pending with Infinite Reality, which is engaged in artificial intelligence innovations and immersive virtual experiences. At deal announcement in December 2022, the transaction was expected to provide up to $128 million in growth capital to Infinite Reality. That amount assumed no redemptions. There is a minimum cash condition of $50 million to close.
For nearly a year, Infinite Reality has been depositing $200,000 a month into the SPAC’s trust to cover deadline extensions.
If the SPAC does not complete the business combination by the extended date or fails to demonstrate compliance with the applicable listing rules, the securities would be subject to suspension from trading. Read more.
