In a recent filing with the Securities and Exchange Commission, Newbury Street Acquisition Corp, a special purpose acquisition company, announced that a previously disclosed $350 million minority investment in Infinite Reality, Inc. will be funded within 60 days of June 28, 2024. This investment is part of a broader strategy following the merger agreement with Infinite Reality, Inc., which was initially disclosed on December 12, 2022.
Newbury Street Acquisition Corp, which is based in Boston, Massachusetts, operates under the Blank Checks industry classification. The company's common stock and warrants are traded on The Nasdaq Stock Market under the symbols NBST and NBSTW, respectively.
The funding of the minority investment is a significant step in the ongoing process of the merger between Newbury Street Acquisition Corp and Infinite Reality, Inc., a Delaware corporation. The transaction is expected to further the expansion and growth of Infinite Reality, Inc., although the specifics of the investment's impact on the company's operations have not been disclosed.
The details provided in the SEC filing were purely informational and not indicative of any solicitation or offer to buy securities. The document also emphasized that the information should not be taken as a forecast of future events or a promise of future performance.
The filing concluded with a statement that Newbury Street Acquisition Corp is an emerging growth company and that it has not elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
In other recent news, Newbury Street Acquisition Corporation has been given a lifeline by the Nasdaq Hearings Panel, extending its listing on the exchange until September 23, 2024. This development comes as the company is in the process of finalizing a business combination with Infinite Reality, Inc. The extension is conditional on the successful completion of this business combination and the newly combined entity meeting Nasdaq's initial listing standards.
The potential delisting was due to the company's failure to execute a business combination within the stipulated 36 months of its initial public offering. The proposed merger with Infinite Reality, Inc. is part of Newbury Street Acquisition Corp's wider strategy to gain a presence in the real estate and construction sector. The transaction is expected to be completed before the new deadline, pending shareholder approval and other standard closing conditions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.