Venturebeat reports that Infinite Reality has announced plans to go public. The company plans to raise at least $128 million at a valuation of $1.85 billion.

Side note: Animoca Brands has created an investment fund.

Under the terms of the agreement, Infinite Reality will team up with Newbury Street Acquisition Corporation. The company works with major global brands, including Warner Bros. and Discovery Sports, to create immersive virtual experiences and new monetization opportunities in Web3-enabled showrooms and events.

In July, the platform acquired cybersports company ReKTGlobal for $470 million. After the merger, the company was valued at $2.5 billion.

The deal will expand the company’s immersive spectator experience and commercial monetization offerings. The companies’ collaboration will add significant funds to Infinite Reality.

After the transaction costs are paid, the net proceeds will be used to develop Infinite Reality’s infrastructure further, expand the team, begin active marketing of products and services, fund future acquisitions, and other general corporate purposes.

The company’s value lies in the trust of global brands. The company said it is paving a new path for sports teams, celebrities, influencers and other creatives to create immersive connections and commercial opportunities within Web3-enabled events and showrooms.

Details of the deal

Source: Company website

The Newbury Street deal is backed by PIPE funding, a private equity investment. This additional capital is used to pay minimum funding requirements and complete the merger.

Upon completion of the transaction, NBST will change its name to Infinite Reality, Inc., and the combined company’s common stock will be listed on Nasdaq under the new ticker symbol.

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