Infinite Reality, Global Leader Powering AI-Virtual Immersive Experiences Announces Strategic Partnership With Greenidge Generation Holdings; Infinite Reality Plans To Go Public In Early 2024 Via Newbury Street Acquisition Corporation
Portfolio Pulse from Benzinga Newsdesk
Infinite Reality, a leader in AI-virtual immersive experiences, announced a strategic partnership and equity swap with Greenidge Generation Holdings. The partnership includes infrastructure support, profit sharing, and preferred pricing for data center needs. Infinite Reality plans to go public in early 2024 through Newbury Street Acquisition Corporation (NBST). The equity swap involves iR obtaining Greenidge shares at $8.33 each, with a $2.5 billion valuation for iR, and mutual one-year warrants for stock purchases. GreenidgeAI will be iR's exclusive infrastructure provider in the US and Canada, and they may jointly develop a new data center.
December 14, 2023 | 2:19 pm
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POSITIVE IMPACT
Greenidge Generation Holdings (GREE) enters a strategic partnership with Infinite Reality, including an equity swap and potential development of a new data center. This partnership could be seen positively as it expands Greenidge's business scope.
The partnership with Infinite Reality could enhance Greenidge's business model by providing a new revenue stream through profit sharing and preferred pricing arrangements, as well as expanding its service offerings with GreenidgeAI. This could positively impact GREE's stock price in the short term.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Newbury Street Acquisition Corporation (NBST) is set to take Infinite Reality public in early 2024. The announcement of this future event may generate investor interest in NBST as the SPAC for a promising tech company.
The news of Infinite Reality going public through NBST could lead to increased investor interest and a potential rise in NBST's stock price in the short term as investors may anticipate the future growth of Infinite Reality.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80