MAQUIA CAPITAL ACQUISITION CORPORATION AND IMMERSED INC. MUTUALLY AGREE TO TERMINATE BUSINESS COMBINATION AGREEMENT
Maquia Capital Acquisition (Nasdaq: MAQCU) and Immersed Inc. have mutually agreed to terminate their previously announced Business Combination Agreement, effective May 20, 2024. Despite this termination, Maquia remains committed to pursuing a business combination with a suitable target. Further details will be disclosed in a Current Report on Form 8-K, available on the SEC's website.
- Maquia Capital remains committed to finding a suitable business combination target, indicating ongoing strategic intentions.
- Investors will receive further details through an upcoming Current Report on Form 8-K, ensuring transparency.
- Termination of the Business Combination Agreement may cause uncertainty regarding Maquia's future business directions.
- Potential delays in achieving business goals due to the search for a new target.
- Investors may experience a lack of confidence due to the terminated agreement.
The termination of the business combination agreement between Maquia Capital Acquisition Corporation and Immersed Inc. carries substantial implications for investors. This termination suggests potential due diligence issues or a misalignment in strategic goals, which could affect investor sentiment and the stock's performance in the short term.
For Maquia, as a special purpose acquisition company (SPAC), the immediate priority will be to identify a new target. A SPAC typically has a defined period to complete an acquisition; failure to do so can lead to the return of funds to investors. This context might create short-term volatility in Maquia's stock price as investors react to this uncertainty.
For Immersed Inc., the termination might signal challenges in achieving scalability or financial robustness, making it important for investors to scrutinize their future announcements for signs of stability and growth.
While the direct financial impact is not yet clear without additional details, the broader market perception can lead to a
Investors should monitor the upcoming Form 8-K for detailed disclosures, which might shed light on the reasons for this termination, aiding in a more informed investment decision.
The mutual termination of the agreement between Maquia and Immersed is a significant event in the context of SPACs. The SPAC market has been under scrutiny for its rapid growth and subsequent volatility. Investors should be aware that failed deals can increase regulatory and market skepticism about the viability of SPACs as a reliable investment vehicle.
This termination could lead to increased scrutiny from both regulatory bodies and the market, potentially impacting other SPACs in the process. Investors may see fluctuating valuations across similar vehicles, reflecting the inherent risks involved in these types of transactions.
Given the industry's broader trends, the news may influence investor sentiment towards the entire SPAC sector, not just Maquia. Market conditions, regulatory landscapes and the ability of SPACs to find suitable targets will remain critical factors.
For retail investors, understanding that SPACs often involve higher risks and uncertainties compared to traditional IPOs is essential. They should be cautious about overexposing their portfolios to SPACs, especially in volatile market conditions.
Miami, Florida and Austin, Texas, May 23, 2024 (GLOBE NEWSWIRE) -- Maquia Capital Acquisition Corporation, a special purpose acquisition company (Nasdaq: MAQC) (“Maquia”), and Immersed Inc., a Delaware corporation (“Immersed”), today announced that effective as of May 20, 2024 they mutually agreed to immediately terminate the previously announced Business Combination Agreement (the “Business Combination Agreement”),.
Maquia intends to continue to pursue the consummation of a business combination with an appropriate target.
Additional information about the termination of the Business Combination Agreement will be provided in a Current Report on Form 8-K to be filed by Maqua with the SEC and available at www.sec.gov.
About Maquia Capital Acquisition Corporation
Maquia Capital Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company is led by Chief Executive Officer, Jeff Ransdell, Chief Financial Officer, Jeronimo Peralta, Chief Operating Officer, Guillermo Cruz, and Chief Investment Officer, Maggie Vo.
About Immersed
Immersed is a leading provider of enterprise AI productivity solutions that digitally transform the working environment to enhance worker and company efficiency. Founded in 2017 and headquartered in Austin, Texas, Immersed has developed some of the leading spatial computing software optimized for enterprise, that allows users to work full-time with their team in virtual AR/VR spaces. Immersed is also developing purpose-built spatial computing hardware that bridges the physical world to the virtual world (the "Visor", that Immersed intends to develop with a major AR/VR manufacturing company) and an AI assistant trained for enterprise office productivity using a multi-modal Large Language Model (LLM) named "Curator" that it believes has the potential to vastly increase worker productivity. With its innovative spatial computing software and AI-driven solutions, Immersed believes it is well positioned to help organizations adapt to the changing dynamics of the workforce and equip employees with the skills and capabilities needed for the jobs of the future.
Forward-Looking Statements
Certain statements included in this press release may be considered forward-looking statements. Forward-looking statements are statements that are not historical facts and generally relate to future events or future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements, including the identification of a target business and a potential business combination or other such transaction, are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Maquia, Immersed and their respective managements, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management’s control, including general economic conditions and other risks, uncertainties and factors set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Maquia’s annual report on Form 10-K, filed with the SEC on April 16, 2024, and in other filings with the SEC.
Contact:
Guillermo Eduardo Cruz
Maquia Capital Acquisition Corporation
50 Biscayne Boulevard, Suite 2406, Miami, FL 33132
E-mail: guillermo@maquiacapital.com
Telephone: (305) 608-1395
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