Infinite Reality Secures Standby Equity Purchase Agreement with Yorkville Advisors Global, LP

Rhea-AI Summary

Infinite Realty has announced a Standby Equity Purchase Agreement with Yorkville Global Advisors for up to $200 million in equity financing, contingent on a merger with Universal Security Instruments (NYSE: UUU). This merger is pending shareholder approval and regulatory clearance. The CEO, John Acunto, emphasized the importance of this agreement in supporting creators in the Metaverse economy. The partnership aims to empower content creators and enhance monetization opportunities in social media and the Metaverse.

Positive

• Secured a Standby Equity Purchase Agreement for up to $200 million, enhancing financial backing.
• Focus on empowering content creators through innovative technologies and a commitment to economic fairness.

Negative

• Merger completion is subject to shareholder approval and regulatory clearance, posing potential delays.

NEW YORK and LOS ANGELES, March 8, 2022 /PRNewswire/ -- Infinite Realty, Inc., the new Metaverse innovation and entertainment company born out of the powerful combination of social ecommerce platform app Display Social, leading entertainment production facility Thunder Studios, and groundbreaking Metaverse innovation company Infinite Reality, announced today the company has secured a Standby Equity Purchase Agreement with Yorkville Global Advisors, LP for up to $200 million of equity financing upon completion of the announced merger with Universal Security Instruments (NYSE: UUU). Completion of the announced merger remains subject to approval by shareholders of both Infinite Reality and Universal Security Instruments, as well as clearance and stock exchange listing by the Securities and Exchange Commission.

This is another major step in Infinite Reality's mission of establishing economic fairness for all creators.

"This is another major step in Infinite Reality's mission of establishing economic fairness for all creators," said John Acunto, co-founder and Chief Executive Officer of Infinite Reality. "We will continue to fight to ensure creators are paid for their content. Infinite Reality sees a world in which all creators and brands will have access and earn money in social media and the Metaverse, including the minting, selling, and trading NFTs. We are at the forefront of the revolution of this new economy."

"John Acunto and the team at Infinite Reality recognize that creators of content are not being properly rewarded - and seek to change this," said Joseph Simone, VP of Investments at Yorkville Advisors. "Infinite Reality has created a technology platform that puts the control back in the creator's hands, and- given what's ahead with the Metaverse- there could not be a better time to monetize content. We're excited to partner with Infinite Reality and witness the evolution across the social landscape." 

"As Yorkville Advisors prides itself in providing small and medium-sized businesses access to capital to pursue their business goals," continued Acunto, "this a major accomplishment for Infinite Reality."

This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities in connection with the proposed merger shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

About Infinite Reality, Inc.

Infinite Reality is committed to helping brands and creators build their own online community platforms with integrated social, Metaverse, streaming, and a unique suite of tools to maximize engagement, entertainment, and commerce. By providing both the back-end and front-end resources, iR empowers anyone with a phone or computer to capitalize on their social creativity and create their own unique place in the Metaverse. For more information, go to ir.xyz.

About Universal Security Instruments, Inc.

USI is a U.S.-based manufacturer and distributor of safety and security devices. Founded in 1969, the Company has a 53-year heritage of developing innovative and easy-to-install products, including smoke, fire and carbon monoxide alarms. For more information on USI, visit our website at www.universalsecurity.com (NYSEAmerican: UUU).

Media Contact:
press@ir.xyz

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SOURCE Infinite Reality

FAQ

What is the Standby Equity Purchase Agreement for Universal Security Instruments (UUU)?

Infinite Realty secured a Standby Equity Purchase Agreement with Yorkville Global Advisors for up to $200 million, contingent on the completion of their merger with Universal Security Instruments.

What is the value of the Standby Equity Purchase Agreement involving UUU?

The Standby Equity Purchase Agreement is valued at up to $200 million.

When was the Standby Equity Purchase Agreement for UUU announced?

The Standby Equity Purchase Agreement was announced on March 8, 2022.

What is the significance of the merger between Infinite Realty and UUU?

The merger aims to empower content creators in the Metaverse, enhancing monetization opportunities.

What are the conditions for the merger of Infinite Realty and UUU?

The merger is subject to approval by shareholders of both companies and clearance from regulatory bodies.