Universal Security Instrument to Merge with Infinite Reality, Inc.
Feb 25, 2022 By MarketDepth
Universal Security Instruments, Inc. (NYSE: UUU) announced today that it is entering into a definitive merger agreement with Infinite Reality, Inc.
Shares up 34%
Shares of Universal Security Instruments, Inc. (NYSE: UUU) gained 34.8% following the announcement.
“Today is a big day for Infinite Reality’s mission of establishing economic fairness for all content creators. Infinite Reality is leading the revolution of the new creator-focused economy and is building a world in which its users will have access to, and earn money in, the social Metaverse, which includes minting, selling, and trading NFTs, providing creators themselves the ability to directly monetize their own content.”John Acunto, Chief Executive Officer of Infinite Reality
Infinite Reality shareholders will hold approximately 97% of USI’s outstanding common stock while the shareholders of USI prior to the merger will retain ownership of approximately 3% of USI’s outstanding shares. Additionally, USI will begin evaluating strategic alternatives to maximize the value of its safety and security device operating business.
Name Change After Merger
Following the merger’s completion, USI will change its name to Infinite Reality, Inc. and the Infinite Reality board of directors and management will lead the merged company.