Immersed to go public via merger with Maquia Capital Acquisition

Immersed and Maquia Capital Acquisition have entered into a definitive business combination agreement that will result in Immersed becoming a publicly listed company. The transaction values Immersed at $150,000,000. 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, Founder and CEO of Immersed. Founded in 2017, Immersed has developed some of the leading spatial computing software optimized for enterprise, that allows users to work full-time with their team in virtual AR/VR spaces. Immersed is also developing purpose-built, light weight, spatial computing hardware that bridges the physical world to the virtual world and an AI assistant trained for enterprise office productivity using a multi-modal Large Language Model named “Curator”, that it believes has the potential to vastly increase worker productivity and save significant time and costs. With Immersed’s innovative spatial computing software and AI-driven solutions, Immersed believes it is well positioned to help organizations adapt to the changing dynamics of the workforce and equip employees with the skills and capabilities needed for the jobs of the future. Immersed’s application has already had over 730,000 unique users to date and its success can be seen by the number of hours that users have spent working in it. Immersed users have spent 20 million minutes working in the Immersed application just this past quarter alone and monthly active user usage to date reached a peak of about 87,000 monthly active users. 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, Tim Tebow, Sovereign Capital, and others.