NEW YORK and LOS ANGELES, March 8,
2022 /PRNewswire/ -- Infinite Realty, Inc., the new
Metaverse innovation and entertainment company born out of the
powerful combination of social ecommerce platform app Display
Social, leading entertainment production facility Thunder Studios,
and groundbreaking Metaverse innovation company Infinite Reality,
announced today the company has secured a Standby Equity Purchase
Agreement with Yorkville Global Advisors, LP for up to
$200 million of equity financing upon
completion of the announced merger with Universal Security
Instruments (NYSE: UUU). Completion of the announced merger remains
subject to approval by shareholders of both Infinite Reality and
Universal Security Instruments, as well as clearance and stock
exchange listing by the Securities and Exchange Commission.
This is another major step in Infinite
Reality's mission of establishing economic fairness for all
creators.
"This is another major step in Infinite Reality's mission
of establishing economic fairness for all creators," said
John Acunto, co-founder and Chief
Executive Officer of Infinite Reality. "We will continue to fight
to ensure creators are paid for their content. Infinite Reality
sees a world in which all creators and brands will have access and
earn money in social media and the Metaverse, including the
minting, selling, and trading NFTs. We are at the forefront of the
revolution of this new economy."
"John Acunto and the team at
Infinite Reality recognize that creators of content are not being
properly rewarded - and seek to change this," said Joseph Simone, VP of Investments at Yorkville
Advisors. "Infinite Reality has created a technology platform that
puts the control back in the creator's hands, and- given what's
ahead with the Metaverse- there could not be a better time to
monetize content. We're excited to partner with Infinite Reality
and witness the evolution across the social landscape."
"As Yorkville Advisors prides itself in providing small and
medium-sized businesses access to capital to pursue their business
goals," continued Acunto, "this a major accomplishment for Infinite
Reality."
This communication shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
in connection with the proposed merger shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
About Infinite Reality, Inc.
Infinite Reality is committed to helping brands and creators
build their own online community platforms with integrated social,
Metaverse, streaming, and a unique suite of tools to maximize
engagement, entertainment, and commerce. By providing both the
back-end and front-end resources, iR empowers anyone with a phone
or computer to capitalize on their social creativity and create
their own unique place in the Metaverse. For more information, go
to ir.xyz.
About Universal Security Instruments, Inc.
USI is a U.S.-based manufacturer and distributor of safety and
security devices. Founded in 1969, the Company has a 53-year
heritage of developing innovative and easy-to-install products,
including smoke, fire and carbon monoxide alarms. For more
information on USI, visit our website at
www.universalsecurity.com (NYSEAmerican: UUU).
Media Contact:
press@ir.xyz
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SOURCE Infinite Reality