Virtual reality startup Immersed scraps $150 mln SPAC deal

Maquia Capital Acquisition

23/05/2024 22:45

May 23 (Reuters) - Virtual reality startup Immersed and
special purpose acquisition company (SPAC) Maquia Capital
Acquisition Corporation  MAQC.O  said on Thursday they had
mutually ended their $150 million merger deal.
    The deal, which would have taken Immersed public, was
unveiled in August last year and is one of several casualties in
the SPAC market, which has fallen out of favor in recent years
after attracting attention during the pandemic era.   
    SPACs are listed pools of capital with no business
operations except hunting for a private company to merge with.
    Maquia will continue searching for a target, it said. 

 (Reporting by Niket Nishant in Bengaluru; Editing by Shailesh
Kuber)
 ((Niket.Nishant@thomsonreuters.com;))