SPAC Newbury Street Acquisition Corp. (NASDAQ:NBST) is reportedly in late-stage talks to combine with metaverse experience developer Infinite Reality, which in turn was slated to merge with Universal Security Instruments (UUU).
Newbury and Infinite Reality could announce a deal as early as next week. Representatives for both companies declined to comment on the matter, according to a Bloomberg Report, which cited people close to the matter.
Newbury Street went public in March 2021, raising around $120M.
Infinite Reality is backed by several celebrity 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 (WBD) to develop immersive content for sports fans.
In July, Infinite Reality acquired e-sports company ReKTGlobal for $470M in stock. The deal valued the combined company at around $2.5B.
Infinite Reality was slated to merge with Universal Security Instruments (UUU), with Infinite Reality owning around 97% of the resulting combined company. In March, Infinite Reality announced it had secured a standby equity purchase agreement with Yorkville Global Partners for up to $200M in equity financing upon completion of the merger.
Universal Security Instruments 10-Q report filed with the SEC in November indicated that the merger was still moving forward.