# EDGAR Filing Document

**Accession Number:** 0001831978
**File Stem:** 0001104659-23-005499
**Filing Date:** 2023-1
**Character Count:** 19413
**Document Hash:** f381c46d18c6b9d6959db5b57444ab4a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-005499.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001104659-23-005499

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230119

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Newbury Street Acquisition Corp
- **CENTRAL INDEX KEY:** 0001831978
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40251
- **FILM NUMBER:** 23542233

**BUSINESS ADDRESS:**
- **STREET 1:** 121 HIGH STREET FLOOR 3
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 16178943057

**MAIL ADDRESS:**
- **STREET 1:** 121 HIGH STREET FLOOR 3
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

?xml version="1.0" encoding="utf-8"?

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 8-K**

**CURRENT REPORT**

**Pursuant** **to Section 13 or 15(d)**

**of the** **Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): January 19, 2023**

**Newbury Street Acquisition Corporation**

**(Exact Name of Registrant as Specified in Charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40251** | **85-3985188** |
| **(State or Other Jurisdiction<br> of Incorporation)** | **(Commission<br> File Number)** | **(IRS Employer<br> Identification No.)** |

---

---

| | |
|:---|:---|
| **121 High Street, Floor 3** |  |
| **Boston, MA** | **02110** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

 **(617) 893-3057**

**(Registrant's telephone number, including area code)**

**Not Applicable** 

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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| | |
|:---|:---|
| ⌧ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ◻ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ◻ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ◻ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading <br> Symbol(s)** | **Name of each exchange <br> on which registered** |
| **Units, each consisting of one share of Class A ordinary shares and one-half of one redeemable warrant** | **NBSTU** | **The Nasdaq Stock Market LLC** |
| **Common Stock, par value $0.0001 per share** | **NBST** | **The Nasdaq Stock Market LLC** |
| **Redeemable warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50** | **NBSTW** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 7.01. Regulation FD Disclosure.**

As previously disclosed, on December 12, 2022, Newbury Street Acquisition Corporation, a Delaware Corporation (the "Purchaser"), entered into an Agreement and Plan of Merger (the "Merger Agreement") by and among (i) the Purchaser, (ii) Infinite Reality Holdings, Inc., a Delaware corporation and a direct wholly-owned subsidiary of the Purchaser ("Pubco"), (iii) Infinity Purchaser Merger Sub Inc., a Delaware corporation and a direct wholly-owned subsidiary of Pubco ("Purchaser Merger Sub"), (iv) Infinity NBIR Company Merger Sub Inc., a Delaware corporation and a direct wholly-owned subsidiary of Pubco ("Company Merger Sub" and, together with Purchaser Merger Sub, the "Merger Subs," and the Merger Subs collectively with the Purchaser and Pubco, the "Purchaser Parties"), and (v) Infinite Reality, Inc., a Delaware corporation (the "Target").

A copy of an article, which includes an interview with Amish Shah, Chief Investment and Strategy Officer of the Target, is attached hereto as Exhibit 99.1 and incorporated by reference.

The information in this Item 7.01, including Exhibit 99.1, is being furnished and will not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise be subject to the liabilities of that section, nor will it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

**Important Information and Where to Find It** 

In connection with the proposed business combination, the Purchaser and Pubco, as applicable, plan to file relevant materials with the SEC, including a registration statement on Form S-4, which will include a preliminary proxy statement/prospectus and other documents relating to the proposed business combination. After the registration statement is declared effective by the SEC, the Purchaser will mail the definitive proxy statement/final prospectus to holders of shares of Purchaser common stock of a record date to be established in connection with the Purchaser's solicitation of proxies for vote by Purchaser shareholders with respect to the proposed business combination and other matters as described in the proxy statement/prospectus. Purchaser shareholders and other interested persons are urged to read the preliminary proxy statement/prospectus and the amendments thereto, the definitive proxy statement/final prospectus, and documents incorporated by reference therein, as well as other documents filed with the SEC in connection with the proposed business combination as these materials will contain important information about the proposed business combination. Shareholders will be able to obtain copies of the preliminary and definitive proxy statement/prospectus and other documents containing important information about the Purchaser, the Target and the proposed business combination filed with the SEC once such documents are available on the website maintained by the SEC at <u>www.sec.gov</u>.

**Participants in the Solicitation** 

The Purchaser and the Target and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from the stockholders of the Purchaser in connection with the proposed transactions under the rules of the SEC. Information about the directors and executive officers of the Purchaser and their ownership of shares of the Purchaser's common stock is set forth in its Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 31, 2022, and in subsequent documents filed with the SEC, including the joint proxy statement/prospectus to be filed with the SEC. Additional information regarding the persons who may be deemed participants in the proxy solicitations and a description of their direct and indirect interests in the proposed transactions, by security holdings or otherwise, will also be included in the joint prospectus/proxy statement and other relevant materials to be filed with the SEC when they become available.

**No Offer or Solicitation**

This communication is for informational purposes only and 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 business combination shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

**Forward Looking Statements** 

This communication contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may generally be identified by terminology such as "will," "shall," "may," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar words or expressions that predict or indicate future events or trends that are not statements of historical matters. These statements are only predictions. The Purchaser and the Target have based these forward-looking statements largely on their then-current expectations and projections about future events and financial trends as well as the beliefs and assumptions of management. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond each of the Purchaser's and the Target's control. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: (i) risks associated with the Purchaser's ability to obtain the shareholder approval required to consummate the proposed transactions and the timing of the closing of the proposed transaction, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all or that the closing of the proposed transactions will not occur; (ii) the outcome of any legal proceedings that may be instituted against the parties and others related to the proposed transactions; and (iii) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the proposed transactions. We refer you to the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Purchaser's Annual Report on Form 10-K for the year ended December 31, 2021, and other filings made with the SEC and that are available on the SEC's website at www.sec.gov. All of the forward-looking statements made in this Current Report on Form 8-K are expressly qualified by the cautionary statements contained or referred to herein. Accordingly, you should not rely upon forward-looking statements as predictions of future events. Neither the Purchaser nor the Target can assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this communication relate only to events as of the date on which the statements are made. Except as required by applicable law or regulation, the Purchaser and the Target undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of an unanticipated event.

**Item 9.01 Financial Statements and Exhibits.** 

(d) <u>Exhibits</u>:

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.1](tm234107d1_ex99-1.htm) | [Article](tm234107d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: January 20, 2023

---

| | |
|:---|:---|
| Newbury Street Acquisition Corporation | Newbury Street Acquisition Corporation |
| By: | /s/ Thomas Bushey |
|  | Thomas Bushey |
|  | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm234107d1_ex99-1img01.jpg)

January 19, 2023

**Infinite Reality seeks advisor for large capital raise prior to SPAC merger, CEO says** *by Deborah Balshem*

&nbsp;&nbsp;&nbsp;&nbsp;· Proceeds
 to fund M&A in sports, entertainment and other verticals

· Metaverse
 market forecast to potentially reach USD 1trn by 2030

Infinite Reality, a metaverse innovation and entertainment company, plans to raise USD 100m-USD 200m concurrent with a previously announced reverse merger, according to Amish Shah, chief investment and strategy officer.

The Norwalk, Connecticut-based company (formerly Display Social) is interviewing investment banks to advise on the process, Shah said.

In December, Infinite Reality announced plans to merge with Newbury Street Acquisition Corp. [NASDAQ:NBST], a special-purpose acquisition company, in a deal valued at approximately USD 1.85bn, including approximately USD 1.7bn attributable to Infinite Reality. The transaction, which is expected to provide up to USD 128m in proceeds, should close by 15 May, Shah said.

In anticipation, Infinite Reality is also in the process of interviewing investor relations firms, he noted.

The capital raise is targeting institutional investors, family offices, strategic investors and angel investors, according to Shah, who said Infinite Reality already has "soft commitments" for around USD 30m-USD 50m.

Proceeds will fund organic growth and potential acquisitions. Infinite Reality is in talks with several Web3 and metaverse targets, including one with around USD 30m-USD 40m in revenue and USD 5m in EBITDA, Shah said. The company's sweet spot is deal value between USD 100m and USD 500m, he added.

Infinite Reality is evaluating product, technology and services buys in areas such as virtual reality/augmented reality, artificial intelligence and gaming. Ideal targets are EBITDA-positive, IP-based companies, Shah said.

Targets should fit into Infinite Reality's existing sports and entertainment markets or complementary new ones such as healthcare, sports medicine and education, the executive said. Infinite Reality considers targets globally but is primarily focused on the US and Europe, its two main markets.

According to Shah, Infinite Reality would like to complete two-to-three acquisitions annually.

**Revenue expected to triple**

After the acquisition of three companies within the past year or so, Infinite Reality ended 2022 with annual recurring (ARR) revenue of USD 25m-USD 30m, according to Shah. The company is profitable and projecting ARR of USD 75m-USD 100m this year, through organic growth alone, he said.

The business has approximately 800 shareholders and between the acquired companies, has raised a total of USD 180m in outside capital, Shah said. Backers include Summit Partners, multibillion-dollar family offices and celebrity investors such as rock band Imagine Dragons, DJ/music producer Steve Aoki, NFL player Landon Collins and NBA player Rudy Gobert.

Infinite Reality's Infinite Skybox product aims to accelerate audience engagement by combining streaming content, commerce and social features to create customized and templated (freemium) "cinematic-quality" immersive virtual experiences.

In October 2022, the company announced a multi-year international partnership with Warner Bros. Discovery Sports to develop immersive content for sports fans.

In the second quarter of this year, the company will release Infinite Showroom, a fully interactive online retail experience, including interactive virtual storefronts, that also aims to reduce "abandoned carts" by providing virtual sales reps to assist customers in real time. In the third quarter of 2023, it will launch Infinite Mainstreet, which allows brands to create their own virtual entertainment and shopping districts, including "on-the-street" options such as concerts.

Despite less-than-ideal market conditions for some technology companies, Shah said Infinite Reality priced its business during this period "to give investors the insight on what the asset is worth in this severe economic condition. The best time to bring our company to market is when there is a lot less noise and hype and a strong focus on (disruptive) businesses that can and will make a difference."

Based on the last roughly 25 announced SPAC mergers, all trading above USD 10m per share, Shah said Infinite Reality is "heading in the right direction for stronger companies with strong SPAC sponsors."

Newbury Street, which raised roughly USD 120m in its March 2021 public debut, is led by CEO Tom Bushey, founder and CEO of emerging technology and consumer internet-focused investment firm Sunderland Capital, and Chairman Matt Hong, former COO of Turner Sports.

**Metaverse market**

The metaverse market is forecast to be anywhere from USD 680bn to more than USD 1trn by 2030, according to several industry reports. Other players in the space, according to Shah, include Meta Platforms [NASDAQ:META] and Roblox [NYSE:RBLX].

Infinite Reality's origins stem from a social media startup called Tsū, which underwent a bankruptcy in 2016 and had its assets acquired by Hilco Streambank in 2019. Later that year, Hilco sold Tsū to John Acunto, Infinite Reality's CEO, and an investor group.

The company rebranded to Display Social in April 2021 and took on the Infinite Reality name in February 2022, shortly after the January 2022 acquisitions of metaverse technology firm Infinite Reality and Los Angeles production studio Thunder Studios.

In July 2022, Infinite Realty acquired esports and digital entertainment copmany ReKTGlobal (co-founded by Shah) in a USD 470m all-stock deal, for a combined post-close valuation of USD 2.47bn.

Acunto told this news service in January 2022 that then Display Social was looking to go public, raise capital and make acquisitions in 2022.

Shortly thereafter, the company announced an expected merger with Universal Security Instruments [NYSE:UUU] though that deal did not come to fruition, Shah noted for this report. A couple capital raises were also shelved as the business focused on acquisitions and pivoting its business model, he added.

Infinite Reality has approximately 150 employees and additional offices in Los Angeles and Beverly Hills, California; Charlotte, North Carolina; Berlin and Germany.

The company uses law firm Fried Frank for M&A and Boyarski Fritz for entertainment, media and IP issues. Marcum and Grant Thornton provide accounting services.

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