Infinite Reality’s SPAC Partner Engages BTIG as Capital Markets Advisor; Continues to Drive Robust Expansion and Strengthened Market Position
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.
BTIG joins a strong roster of partners advising and working alongside iR as the Company pursues its capital markets strategy, including leading strategic communications and advisory firm, ICR.
For more information on Infinite Reality, please visit theinfinitereality.com.
About Infinite Reality
Infinite Reality (“iR”) is an innovative technology and entertainment company specializing in the development of cutting-edge, AI-powered immersive experiences. iR’s immersive experiences enable brands and creators to fully control the ways in which they distribute content, engage audiences, and commercialize their creations while also giving them ownership over their data. With its deep expertise in Hollywood production, iR develops immersive experiences that maximize the value between brands, content, and audiences and redefine the possibilities in connected digital environments.
About Newbury Street Acquisition Corporation
Newbury Street Acquisition Corporation (“NBST”) is a special purpose acquisition blank check company (“SPAC”) whose business purpose is to effect formed for the purpose of entering into a merger, capital stock or share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. NBST is sponsored by Newbury Street Acquisition Sponsor LLC. NBST is led by Thomas Bushey, Chief Executive Officer and Kenneth King, Chief Financial Officer. NBST’s Directors include Jennifer Vescio (Chief Business Development Officer at Uber), Matthew Hong (Former COO of Turner Sports), and Teddy Zee (Former EVP of Columbia Pictures). Additionally, the NBST’s Advisors include Ted Seides (Capital Allocators) and Katie Soo (Former HBO Max and WB) and Maurice Koo (Rockpool Capital).
About BTIG
BTIG is a global financial services firm specializing in institutional trading, investment banking, research and related brokerage services. With an extensive global footprint and more than 700 employees, BTIG, LLC and its affiliates operate out of 20 cities throughout the U.S., and in Europe, Asia and Australia. BTIG offers execution, expertise and insights for equities, equity derivatives, ETFs and fixed income, currency and commodities. The firm’s core capabilities include global execution, portfolio, electronic and outsource trading, transition management, investment banking, prime brokerage, capital introduction, corporate access, research and strategy, commission management and more.
Investor Contact:
Brett Milotte, ICR
Brett.Milotte@icrinc.com
