Immersed will merge with Maquia Capital Acquisition Corp (MAQC.O), a special purpose acquisition company (SPAC), in a deal that values the Austin, Texas-based firm at about $150 million, the sources said.
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.
Founded in 2017 by software engineer Renji Bijoy, Immersed develops spatial computing software that enables remote working for employees.
After the deal closes, Immersed will be listed on the Nasdaq under the ticker "AIMR", the sources said.
Persons:
Pat Gelsinger, Tim Tebow, Renji Bijoy, Milana Vinn, Robert Birsel
Organizations:
Maquia, Corp, Intel Corp, Blue Capital, redemptions, Nasdaq, Thomson
Locations:
Austin , Texas, New York