Newbury Street Corp Gains Extra Time for Business Merger
Newbury Street Acquisition Corp Announces Merger Deadline Extension
Newbury Street Acquisition Corp (NASDAQ: NBST), a special purpose acquisition company focusing on the real estate and construction sectors, has successfully amended its corporate charter. This amendment allows the firm to extend its deadline for completing any potential business combination by an additional six months.
Shareholder Approval and Redemption Details
During a recent special meeting held for stockholders, a strong majority voted for the extension, with 3,951,174 votes affirming the proposal. Notably, there were no opposing votes recorded. This extension is a crucial adjustment in the company’s Second Amended and Restated Certificate of Incorporation.
Context for the Extension
The company's original deadline to finalize a merger was set for September 25, 2024. By granting this new deadline of March 25, 2025, Newbury Street Acquisition Corp aims to allow more time for negotiations and arrangements regarding an initial business combination.
Impact on Shareholders and Future Plans
As part of the process, shareholders who hold 555,266 shares chose to redeem their stock at approximately $10.99 per share, resulting in a total redemption of around $6.1 million. After these redemptions, the company will have 575,808 Public Shares remaining for future trading.
Contributions and Additional Funding
In relation to the extension, Infinite Reality, Inc. has committed to contributing $0.06 for each Public Share that remains unredeemed every month, starting from September 23, 2024. This contribution will continue until either the new deadline is reached or an initial business combination is completed, ensuring additional funds are added to the company's trust account.
Delisting Notice from Nasdaq
Compounding the situation, Newbury Street Acquisition Corp has received a notice of delisting from the Nasdaq Stock Market. This is a significant development, resulting from the company’s failure to meet the deadlines required by the Nasdaq Hearings Panel for completing its business combination with Infinite Reality, Inc.
Consequences of the Delisting
As a result of the delisting, the securities of Newbury Street Corp will be suspended from trading on the exchange, and future transactions are expected to occur on an over-the-counter basis. The company, alongside Infinite Reality, is preparing to file the necessary materials with the SEC, including a registration statement that pertains to the proposed business combination.
Investment Agreements with Infinite Reality
In conjunction with these developments, Newbury Street Acquisition Corp has also revealed a $350 million minority investment in Infinite Reality, Inc. This strategic funding is part of a broader plan associated with the pending merger agreement and is anticipated to proceed within a planned timeframe. As Newbury Street Acquisition Corp navigates this critical period, investors and stakeholders are looking forward to updates regarding the ongoing business developments.
Frequently Asked Questions
What is the new deadline for the merger?
The new deadline for Newbury Street Acquisition Corp to finalize its merger is now March 25, 2025.
Why was the merger deadline extended?
The deadline was extended to provide additional time for the company to complete its business combination amid ongoing negotiations.
What impact does the delisting have on shareholders?
The delisting affects how shares of Newbury Street Corp will trade, moving to over-the-counter markets rather than the Nasdaq.
How much has Infinite Reality contributed per share?
Infinite Reality has agreed to contribute $0.06 per Public Share each month until the new deadline, for shares that remain unredeemed.
What was the shareholder sentiment regarding the extension?
Shareholders showed overwhelming support for the extension, with over 3.9 million votes in favor and none against.
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