Newbury Street Acquisition Corporation
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- Newbury Street Acquisition Corporation Newbury Street Acquisition Corporation is a blank check company, or special purpose acquisition company (SPAC), with no significant current operations; it seeks to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses, primarily targeting technology companies in the consumer internet or media sectors, including sports and entertainment verticals, as well as more broadly across North America in technology, consumer products, industrial services, and healthcare. The company maintains a trust account with proceeds from its initial public offering to fund such a transaction, focusing on partnering with private and family-owned businesses, carve-outs, and divisional spin-offs that can leverage public market access and operational expertise. Incorporated in 2020 and headquartered at 121 High Street, 3rd Floor, in Boston, Massachusetts, it operates as a subsidiary of Newbury Street Acquisition Sponsor LLC and trades shares on the OTC market following Nasdaq delisting due to compliance issues. In recent developments, Newbury Street Acquisition Corporation entered into a definitive business combination agreement with Infinite Reality, Inc., an AI and immersive technology firm, in December 2022, valuing the deal at approximately $1.85 billion with up to $128 million in proceeds, but mutually terminated the merger in December 2024 after Infinite Reality agreed to pay a $7 million termination fee by March 2025; the company extended its deadline for completing an initial business combination multiple times, most recently to September 25, 2025, amid shareholder approvals and redemptions, and now faces potential liquidation if no new target is secured by March 25, 2025.
Company News
Infinite Reality Closes $350 Million Investment; Acquires Landvault in $450 Million Deal, Valuation Soars to $5.1 Billion
Infinite Reality's SPAC Partner, Newbury Street Acquisition Corp., Announces Nasdaq Extension for Proposed Business Combination
Newbury Street Acquisition Corporation Announces Receipt of Nasdaq Letter
Infinite Reality's SPAC Partner Engages BTIG as Capital Markets Advisor; Continues to Drive Robust Expansion and Strengthened Market Position
Infinite Reality Acquires the Drone Racing League for $250 Million, Solidifying Position as Global Leader in Immersive Technology & Experiences
Infinite Reality, the Global Leader in Immersive Experiences, Acquires Spatial Web Pioneer Ethereal Engine