Newbury Street Acquisition Corp (NASDAQ:NBST), a special purpose acquisition company, has successfully amended its corporate charter to extend the deadline for completing a business combination by six months. The Boston-based firm, which focuses on real estate and construction, now has until March 25, 2025, to finalize a merger or acquisition.
During a special meeting of stockholders on Monday, the company's shareholders overwhelmingly approved the extension proposal, with 3,951,174 votes in favor and none against. The amendment was made to the company's Second Amended and Restated Certificate of Incorporation.
This decision was taken to provide additional time for Newbury Street Acquisition Corp to consummate an initial business combination, which was previously set for September 25, 2024.
In connection with the extension, shareholders holding 555,266 shares of common stock exercised their right to redeem their shares at approximately $10.99 per share, totaling about $6.1 million. Following these redemptions, the company will have 575,808 Public Shares remaining.
Furthermore, in line with the extension approval, Infinite Reality, Inc. has agreed to contribute $0.06 per Public Share each month that is not redeemed. This contribution will commence on September 23, 2024, and continue monthly until the new deadline or until an initial business combination is completed, whichever comes first. The funds will be added to the company's trust account.
In other recent news, Newbury Street Acquisition Corp has been hit with a notice of delisting from the Nasdaq Stock Market LLC. The decision follows the company's inability to meet the conditions set by the Nasdaq Hearings Panel, which included the completion of its business combination with Infinite Reality, Inc. by a specified deadline. Despite attempts to extend the deadline, the company's efforts were deemed insufficient.
The delisting will lead to the suspension of Newbury Street Corp's securities from trading, with future trading expected to occur over-the-counter. The company, along with Infinite Reality, has plans to file relevant materials with the SEC, including a registration statement related to the proposed business combination.
In addition to the delisting, Newbury Street Acquisition Corp has announced a $350 million minority investment in Infinite Reality, Inc. The funding, part of a broader strategy following a merger agreement, is set to occur within a specified timeline. These are recent developments for Newbury Street Acquisition Corp, and further updates are expected to emerge in due course.
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