Infinite Reality to go public via combination with Newbury Street Acquisition

Infinite Reality, which calls itself "the leader in delivering immersive virtual experiences," and Newbury Street Acquisition Corporation (NBST), a special purpose acquisition company, announced they have entered into a definitive business combination agreement. Upon completion of the proposed business combination, NBST will change its name to Infinite Reality, Inc., and the combined company’s common stock, warrants and units are expected to be listed on the Nasdaq Stock Market. The proposed business combination is expected to provide up to $128M growth capital to Infinite Reality and is conditioned on minimum cash of $50M at closing. After payment of transaction expenses, the net proceeds will be used to continue to build out infrastructure, expand teams in Europe, Asia, and the United States, accelerate marketing of iR’s products and services with a focus on sports and entertainment, music, broadcast, and brands, and to finance future acquisitions. In connection with the transaction, non-redeeming NBST stockholders and investors that subscribe for shares in a private placement to be consummated concurrent with the business combination will receive CVRs entitling holders to certain down-side price protection and a premium return, subject to trading prices of Pubco common stock during the 18-month period after the closing. The parties expect the transaction to be consummated during the first quarter of 2023. "We’re thrilled to announce this business combination and pathway for Infinite Reality to enter the public market. We continue to empower brands to upend the traditional, static one-way viewership of events and online retail experiences. We’re offering the next iteration of the internet with infinite potential for brands to connect with new audiences and deepen relationships with their committed fans by offering unique, engaging, and personalized social experiences, all while creating new opportunities for commercial monetization," said Infinite Reality CEO John Acunto.