Virtual reality startup Immersed to go public via SPAC deal - sources
Summary
NEW YORK, Aug 8 (Reuters) - Immersed Inc, a maker of software used in augmented and virtual reality (AR/VR) technology for remote working, has struck a deal to go public through a merger with a blank-check acquisition firm, according to people familiar with the matter. As part of the deal, Immersed is raising bridge financing through convertible notes from investors including Intel Corp (INTC.O) Chief Executive Pat Gelsinger, former football player Tim Tebow, and All Blue Capital. Immersed expects to have access to the proceeds raised by the SPAC, barring redemptions, the sources said. Dealmaking involving such investment vehicles peaked during 2021, before falling out of favor with investors who were left nursing huge losses from most of these deals. It is developing new software and hardware tools, including an artificial intelligence-powered assistant for enterprise customers.
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