Newbury Street Acquisition amends merger deal with Infinite Reality; sets financial delivery deadlines

Newbury Street Acquisition Corp

Target must file registration statement with audited 2022/2023 financials by May 14, 2024 and Q1 2024 unaudited by June 21, 2024.
If target fails any deadline, Purchaser may terminate after a 45-day cure period.
Termination fee of $4.5M (cash or stock at $1.25B valuation) payable to Purchaser; aggregate cap of $8M.
Monthly Extension Fee definition updated; all past extension fees confirmed paid in full.
Upon failure, certain target covenants cease and Sponsor Letter Agreement terminates.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Newbury Street Acquisition Corp amended Third Merger Amendment with Infinite Reality, Inc. (effective 2024-02-26).

Action: amendment
Agreement: merger
Counterparty: Infinite Reality, Inc.
Effective: 2024-02-26

Exact text from the filing

On February 26, 2024, the Purchaser, Pubco, Purchaser Merger Sub, Company Merger Sub and the Target entered into a third amendment to the Original Merger Agreement (the "Third Merger Amendment"

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Source: SEC EDGAR

accession 0001213900-24-017114

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