Infinite Reality plans to go public in early
2024 via Newbury Street Acquisition Corporation (Nasdaq:
NBST)
Infinite Reality, Inc. (“iR” or the “Company”), the global
leader in powering AI-virtual immersive experiences for clients
such as Warner Bros. Discovery, Inc., Vodafone Group plc and
Universal Music Group N.V., today announced a partnership and
equity swap with Greenidge Generation Holdings Inc. (Nasdaq: GREE)
(“Greenidge”), a vertically-integrated cryptocurrency data center
and power generation company that will launch a new
service-offering known as GreenidgeAI.
“We are excited to go public with the NBST acquisition in 2024
as we continue growing our capabilities to power cinematic-quality
immersive experiences for our clients. The NBST team have been
great partners supporting our mission to be the leader in the AI
revolution. Moreover, the Greenidge team will provide iR and its
clients with customized state-of-the-art data center solutions
designed specifically for AI and powering immersive experiences,”
said John Acunto, CEO of iR.
Partnership Details
Pursuant to the partnership between iR and Greenidge:
- Greenidge will provide infrastructure and graphics-processing
unit (“GPU”) needs for iR clients, while iR will receive a profit
share on Greenidge data centers and preferred pricing for its own
internal data center needs.
- iR and Greenidge will evaluate developing a new data
center.
- iR has the ability to leverage Greenidge’s access to additional
sources of low-cost power as needed.
- iR’s brands are empowered and enabled to take control of their
data and improve performance, while reducing iR’s costs and
improving profit margins.
- By owning its own data centers and locking in long-term energy
contracts, iR will save at least $0.70 on every dollar it would
spend with third-party providers while increasing control over
product delivery.
Equity Swap Agreement
- Provides for iR obtaining shares of Greenidge valued at $8.33
per share in exchange for an equivalent amount of iR stock
reflecting a $2.5 billion valuation.
- Grants iR a one-year warrant to purchase shares of Greenidge
stock at $7.00 per share, the proceeds of which will be used by
Greenidge in connection with the development of a new
datacenter.
- Grants Greenidge a one-year warrant to purchase an equivalent
value of iR shares as provided in the iR warrant, reflecting a $2.5
billion valuation of iR, the proceeds of which will be used for
general working capital purposes.
GreenidgeAI will be iR’s exclusive provider in the United States
and Canada of specialized infrastructure, including data centers
utilizing GPUs to support generative Artificial Intelligence (“AI”)
workstreams, including immersive experiences and other applications
requiring high performance computing. Additionally, iR and
Greenidge will explore jointly designing and building a new data
center to enhance iR’s offerings, spearhead its growth and provide
clients with lower-cost GPU access. This effort will be powered by
Greenidge’s access to low-cost power and leading engineers with
experience designing and building data centers.
As a result of this partnership, iR will be better able to serve
its clients in a fast-growing industry and continue to accelerate
audience engagement through cinematic-quality virtual environments,
while being the only player in the space to provide brands with
direct access to their audiences and customer data.
"These customized solutions are necessary as more and more
companies begin to realize that AI is transforming everything, but
AI is nothing without data. iR's entire platform allows brands and
creators to own their own data, own their own experiences and own
their customer interactions. The partnership will expedite our
growth and provide us with greater ability to innovate for our
clients and serve them the best experiences for their targeted
audiences, while removing big tech’s stranglehold on the cost of
data. Outside of the current framework, we look forward to working
with the Greenidge team on entrepreneurial ventures that will
position both companies exceptionally well for a long-lasting
relationship in other profitable business lines,” added Acunto.
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. The Creative Services and Advisory teams
advise, manage, design, and oversee custom builds, leveraging the
Technology team’s platform development expertise. The Entertainment
and Content Creation division produces breathtaking original
content and live events featuring the world’s most in-demand
talent. iR’s Agency attracts, cultivates, and builds client
audiences while iR’s digitally native brands, including premier
influencer management agency TalentX Entertainment, increase
awareness and adoption of immersive opportunities.
About Newbury Street Acquisition Corporation
Newbury Street Acquisition Corporation (NASDAQ: NBST) (“NBST”)
is a blank check company formed for the purpose of entering into a
merger, capital stock 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, NBST’s advisors include Ted Seides (Capital
Allocators), Katie Soo (Former HBO Max and WB) and Maurice Koo
(Rockpool Capital).
About Greenidge Generation Holdings Inc.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a
vertically integrated power generation company, focusing on
cryptocurrency mining, infrastructure development, engineering,
procurement, construction management, operations and maintenance of
sites.
Important Information and Where to Find It
In connection with the proposed NBST business combination, NBST
and Infinite Reality Holdings, Inc., a Delaware corporation and a
direct wholly-owned subsidiary of NBST (“Pubco”), as applicable,
plan to file relevant materials with the U.S. Securities and
Exchange Commission (the “SEC”), including a registration statement
on Form S-4, which will include a preliminary proxy
statement/prospectus and other documents relating to the proposed
business combination. After the registration statement is declared
effective by the SEC, NBST will mail the definitive proxy
statement/final prospectus to holders of shares of NBST common
stock of a record date to be established in connection with NBST’s
solicitation of proxies for vote by NBST shareholders with respect
to the proposed business combination and other matters as described
in the proxy statement/prospectus. NBST shareholders and other
interested persons are urged to read the preliminary proxy
statement/prospectus and the amendments thereto, the definitive
proxy statement/final prospectus, and documents incorporated by
reference therein, as well as other documents filed with the SEC in
connection with the proposed business combination as these
materials will contain important information about the proposed
business combination. Shareholders will be able to obtain copies of
the preliminary and definitive proxy statement/prospectus and other
documents containing important information about NBST, iR and the
proposed business combination filed with the SEC once such
documents are available on the website maintained by the SEC at
www.sec.gov.
Participants in the Solicitation
NBST and iR and their respective directors, executive officers
and employees may be deemed to be participants in the solicitation
of proxies from the stockholders of NBST in connection with the
proposed transactions under the rules of the SEC. Information about
the directors and executive officers of NBST and their ownership of
shares of NBST’s common stock is set forth in its Annual Report on
Form 10-K for the year ended December 31, 2022, which was filed
with the SEC on March 31, 2023, and in subsequent documents filed
with the SEC, including the joint proxy statement/prospectus to be
filed with the SEC. Additional information regarding the persons
who may be deemed participants in the proxy solicitations and a
description of their direct and indirect interests in the proposed
transactions, by security holdings or otherwise, will also be
included in the joint prospectus/proxy statement and other relevant
materials to be filed with the SEC when they become available.
No Offer or Solicitation
This communication is for informational purposes only and 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 business combination shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act.
Forward Looking Statements
This communication contains “forward-looking statements,” within
the meaning of Section 27A of the Securities Act and Section 21E of
the Exchange Act. Forward-looking statements may generally be
identified by terminology such as “will,” “shall,” “may,” “should,”
“expects,” “plans,” “anticipates,” “could,” “intends,” “target,”
“projects,” “contemplates,” “believes,” “estimates,” “predicts,”
“potential” or “continue” or the negative of these terms or other
similar words or expressions that predict or indicate future events
or trends that are not statements of historical matters. These
statements are only predictions. NBST and iR have based these
forward-looking statements largely on their then-current
expectations and projections about future events and financial
trends as well as the beliefs and assumptions of management.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond each of NBST’s and iR’s control. Actual results could
differ materially from those stated or implied in forward-looking
statements due to a number of factors, including but not limited
to: (i) risks associated with NBST’s ability to obtain the
shareholder approval required to consummate the proposed
transactions and the timing of the closing of the proposed
transaction, including the risks that a condition to closing would
not be satisfied within the expected timeframe or at all or that
the closing of the proposed transactions will not occur; (ii) the
outcome of any legal proceedings that may be instituted against the
parties and others related to the proposed transactions; and (iii)
the occurrence of any event, change or other circumstance or
condition that could give rise to the termination of the proposed
transactions. We refer you to the “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” sections of NBST’s Annual Report on Form 10-K for the
year ended December 31, 2022, and other filings made with the SEC
and that are available on the SEC’s website at www.sec.gov. All of
the forward-looking statements made in this press release are
expressly qualified by the cautionary statements contained or
referred to herein. Accordingly, you should not rely upon
forward-looking statements as predictions of future events. Neither
NBST nor iR can assure you that the events and circumstances
reflected in the forward-looking statements will be achieved or
occur, and actual results could differ materially from those
projected in the forward-looking statements. The forward-looking
statements made in this communication relate only to events as of
the date on which the statements are made. Except as required by
applicable law or regulation, NBST and iR undertake no obligation
to update any forward-looking statement to reflect events or
circumstances after the date on which the statement is made or to
reflect the occurrence of an unanticipated event.
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version on businesswire.com: https://www.businesswire.com/news/home/20231214376409/en/
For further information, please contact:
iR and NBST:
Media Contact Press@theinfinitereality.com
Investor Contact Investors@theinfinitereality.com
Greenidge:
Investor Relations investorrelations@greenidge.com
Media Inquiries media@greenidge.com
GPU Rental Services ai@greenidge.com
Greenidge Generation (NASDAQ:GREE)
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