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SFNet's The 81st Annual Convention Issue
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December 14, 2021
Source: Winston & Strawn
Winston & Strawn is representing Aries I Acquisition Corporation (Nasdaq: RAM) (“Aries”), a special purpose acquisition company, in connection with its business combination with Infinite Assets, Inc. (“InfiniteWorld”), a leading Metaverse infrastructure platform that enables brands to create, monetize and drive consumer engagement with digital content, that upon consummation is expected to result in InfiniteWorld becoming a publicly traded company with a pro forma equity value of approximately $700 million, assuming no redemptions by Aries’s public shareholders. Upon closing of the transaction, the combined company is expected to be listed on the Nasdaq Global Select Market under the ticker symbol “JPG”. InfiniteWorld’s comprehensive and fully digital platform provides a full-service suite of end-to-end solutions that enable brands and creators to engage with consumers in the Metaverse, a shared online space that converges physical, augmented, and virtual reality.
The transaction will provide up to $171 million of cash to the combined company (before transaction expenses and assuming no redemptions by Aries’s public shareholders) from the approximately $145 million of cash in trust at Aries as well as cash on hand at InfiniteWorld. In addition, InfiniteWorld owns cryptocurrencies valued at approximately $93 million based on recent prices on Coinbase. All InfiniteWorld stockholders will roll 100% of their equity holdings into the combined company.
Press Release: https://www.businesswire.com/news/home/20211213005343/en/InfiniteWorld-a-Leading-Metaverse-Infrastructure-Platform-for-Brands-Announces-Plans-to-Become-a-Publicly-Traded-Company-via-a-Merger-with-Aries-I-Acquisition-Corporation
Winston Team:
David Sakowitz, Lead Partner, New York
Jason Osborn, Lead Partner, New York
Ben Liss, Lead Associate, Chicago
Basil Godellas, Partner, Chicago
Rob Heller, Partner, New York
Becky Troutman, Partner, San Francisco
Amy Inagaki, Associate, Los Angeles
Blake Knickelbein, Associate, Chicago
Emily Semon, Associate, Dallas
Ben Smolij, Associate, Houston
Nicholas Worden, Law Clerk, Chicago
The transaction will provide up to $171 million of cash to the combined company (before transaction expenses and assuming no redemptions by Aries’s public shareholders) from the approximately $145 million of cash in trust at Aries as well as cash on hand at InfiniteWorld. In addition, InfiniteWorld owns cryptocurrencies valued at approximately $93 million based on recent prices on Coinbase. All InfiniteWorld stockholders will roll 100% of their equity holdings into the combined company.
Press Release: https://www.businesswire.com/news/home/20211213005343/en/InfiniteWorld-a-Leading-Metaverse-Infrastructure-Platform-for-Brands-Announces-Plans-to-Become-a-Publicly-Traded-Company-via-a-Merger-with-Aries-I-Acquisition-Corporation
Winston Team:
David Sakowitz, Lead Partner, New York
Jason Osborn, Lead Partner, New York
Ben Liss, Lead Associate, Chicago
Basil Godellas, Partner, Chicago
Rob Heller, Partner, New York
Becky Troutman, Partner, San Francisco
Amy Inagaki, Associate, Los Angeles
Blake Knickelbein, Associate, Chicago
Emily Semon, Associate, Dallas
Ben Smolij, Associate, Houston
Nicholas Worden, Law Clerk, Chicago
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