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NEW YORK, May 03, 2024 (GLOBE NEWSWIRE) -- Infinite Reality (“iR” or the “Company”), a leading global provider of cutting-edge virtual, AI-powered immersive experiences, today announced that its previously announced business combination partner, Newbury Street Acquisition Corporation (Nasdaq: NBST) (“Newbury”), has engaged BTIG, LLC (“BTIG”) as its capital markets advisor.
BTIG has previously advised on similar business combinations including for AST SpaceMobile, Pinstripes Holdings and Vacasa.
Tom Bushey, Chief Executive Officer of Newbury commented, “Partnering with the BTIG team is critical to Newbury’s transaction with iR and the Company’s journey towards becoming a publicly traded company. Their expertise is invaluable to Newbury as iR enters this next phase of growth with a public currency to further expand its immersive technology platform and services."
The addition of BTIG as capital markets advisor to Newbury comes at an exciting time as Infinite Reality has recently announced multiple strategic acquisitions, including the pending landmark $250 million deal to purchase the Drone Racing League in April, as well as acquisitions of spatial web design pioneer Ethereal Engine and social sports platform Stakes earlier this year. These transactions, which add to the Company’s previous major acquisition of entertainment production company Thunder Studios, bolster iR’s already significant technology capabilities and boost its valuation to $3.5 billion.
Leveraging its unique combination of proprietary technology, content production and marketing capabilities, iR has pioneered immersive augmented and virtual reality experiences that allow fans and consumers to step inside interactive worlds and engage with brands, artists and creators like never before.
John Acunto, Chief Executive Officer of Infinite Reality, commented, “BTIG’s distinguished, proven track record in equity and debt financing solutions will play a crucial role in shaping our capital strategy following the completion of our business combination to effectively scale our operations. Their deep expertise and robust industry presence are key assets that will help guide our financial trajectory and strengthen our market position.”
iR's financial foundation is further strengthened with BTIG’s robust partnership with Newbury, better positioning the Company after the business combination to continue to execute on its acquisitive strategy, as well as invest in R&D that bolsters its technology stack and drives innovation for blue chip partners which have included brands such as Vodafone, Warner Bros. Discovery, T-Mobile, and Google, among others.