MAQUIA CAPITAL ACQ CO WTS - MAQCW STOCK NEWS

Velocium, Inc., a high-performance compute company optimized for AI, is set to go public on Nasdaq through a merger with Maquia Capital Acquisition Corp (NASDAQ: MAQCU). The transaction values Velocium at $445 million. The company's innovative cloud solution utilizes proprietary Velocium Processing Units (VPUs) that consolidate CPU, GPU, and TPU functions on a single chip, offering a flexible environment for large language models and inference.

Velocium's technology aims to address the growing demand for AI, HPC, and big data processing while significantly reducing energy consumption. The company's universal processor is reportedly 3x faster and 10x more energy-efficient than current market offerings. Upon closing, the company will trade on Nasdaq under the symbol 'VAI', led by CEO Daniel Kochis in Miami, Florida.

On May 22, 2024, Maquia Capital Acquisition received a notice from Nasdaq indicating delinquency in filing its Form 10-Q Report for the period ending March 31, 2024. This places the company at risk of delisting from Nasdaq due to non-compliance with Listing Rule 5250(c)(1). The company plans to appeal and request a hearing within 15 days. Additionally, on May 7, 2024, Maquia received another notice for failing to complete a business combination within 36 months of its IPO and not holding an annual meeting of stockholders on time. Although the annual meeting was held on May 20, 2024, the compliance status regarding the business combination remains unresolved. Maquia is diligently working to file the required reports and regain compliance.

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 Acquisition Corporation (MAQCU) announced a negotiation with unaffiliated third parties for a non-redemption agreement in connection with an extension of time for the Company to consummate an initial business combination. The agreement is expected to increase the amount of funds that remain in the Company’s trust account following the Special Meeting.

Maquia Capital Acquisition Corporation (Nasdaq: MAQC) announced the filing of a registration statement with the SEC for its proposed business combination with Immersed, Inc. The combined company is expected to be named 'Immersed Inc.' and list its common stock on Nasdaq under the new ticker symbol 'AIMR'. Immersed is a leading provider of enterprise AI productivity solutions using spatial computing. Renji Bijoy, Founder and CEO of Immersed, will continue to lead the company.

Immersed, a leading provider of spatial computing software, is going public through a business combination agreement with Maquia Capital Acquisition Corp. The transaction values Immersed at $150 million. The company plans to use the proceeds to complete the development of its AI assistant, 'Curator', and its lightweight headset, 'Visor'. Immersed has over 730,000 unique users and users have spent 20 million minutes working in the Immersed application in the past quarter.

Maquia Capital Acquisition Corporation announces extension of time for initial business combination and contribution by Sponsor

Maquia Capital Acquisition Corporation announced the adjournment of its special meeting to discuss extending the deadline for an initial business combination. Originally scheduled for November 1, 2022, the meeting will now take place on November 4, 2022. Stockholders will vote on whether to extend the deadline from November 7, 2022, to May 7, 2023. As of November 2, 2022, requests were made to redeem 14,781,810 shares, representing 82.61% of Class A shares. The company underscores the importance of stockholder approval for this extension.

Maquia Capital Acquisition Corporation announced an increase in contributions to its trust account from $0.0333 to $0.045 per share of Class A common stock. This change is tied to a stockholder vote for a charter amendment extending the deadline for an initial business combination from November 7, 2022, to May 7, 2023. If approved, for each unredeemed share, the contributions will aggregate approximately $0.045 per share per month, potentially raising the redemption amount to $10.62 per share by May 2023.