Maquia Capital Acquisition Corporation entered into a definitive business combination agreement to acquire Maquia Capital Acquisition Corporation for approximately $190 million.

Maquia Capital Acquisition Corporation (NasdaqCM:MAQC) entered into a definitive business combination agreement to acquire Immersed Inc. for approximately $190 million on August 8, 2023. The consideration is $150,000,000 and will be paid at closing in shares of Maquia at a per share price equal to the then applicable redemption price. Upon closing, the Company is expected to be named ?Immersed Inc." and its common stock is expected to trade on The Nasdaq Stock Market under the ticker symbol "AIMR".

The Company will continue to be headquartered in Austin, Texas, and will continue to be led by Renji Bijoy. In connection with executing the business combination agreement, Immersed has executed $1.95 million in strategic bridge financing by entering into convertible notes with All Blue Capital, Pat Gelsinger (Intel?s CEO), Tim Tebow, Sovereign Capital, and others. Greenberg Traurig, LLP is serving as legal advisor to Immersed.

EF Hutton is serving as capital markets advisor to Maquia and the Law Offices of Allan M. Lerner and Homer Bonner Jacobs Ortiz are serving as legal advisors to Maquia.