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Infinite Reality to Buy ReKTGlobal, Aims to Raise $150 Million

Infinite Reality Inc., which has inked a deal to go public through a merger with Universal Security Instruments Inc., has agreed to acquire ReKTGlobal, an esports startup that abandoned a prior plan to combine with a SPAC.

“We were on the two-yard line to go public with a SPAC,” ReKTGlobal co-founder and Chairman Amish Shah said in an interview. “We could have gone solo and been a micro-cap stock, but we thought it was smarter play to be part of a bigger company in a hot sector,” he said, referencing the metaverse. The company pivoted to a $470 million all-stock transaction with Infinite Realty.