Evgeny Gromov
SPAC Newbury Street Acquisition Company (NASDAQ:NBST) is said to be in late-stage negotiations to merge with the developer of the metaverse experience Infinite Reality, which in turn is expected to merge with Universal Security Instruments (UUU).
Newbury and Infinite Reality may announce a deal as early as next week. Representatives for both companies declined to comment on the matter. According to Bloomberg Reportwhich cites people close to the matter.
Newbury Street opens to the public in March 2021, raised about $120 million.
Infinite Reality is backed by a number of well-known investors, including rock band Imagine Dragons, DJ/music producer Steve Aoki, NFL player Landon Collins and NBA player Rudy Gobert. The company announced a multi-year partnership in October with Warner Bros. Discovery (white blood cells) to develop immersive content for sports fans.
In July, Infinite Reality acquired e-sports company ReKTGlobal for $470 million in stock. The deal is valid combined company at about $2.5 billion.
Infinite reality is planned merger with the Global Security Tool (UUU), with Infinite Reality owning about 97% of the combined company. In March, Infinite Reality announced that it had reached a contingency share purchase agreement with Yorkville Global Partners for up to $200 million in equity funding when complete the merger.
Universal Security Instruments’ 10-Q report filed with the SEC in November indicates that mergers are still moving forward.
