Maquia Capital Acquisition Corporation Announces Filing Of Registration Statement On Form S-4 In Connection With Its Proposed Business Combination With Immersed Inc.

Maquia Capital Acquisition Corporation (NASDAQ:MAQC) ("Maquia"), a publicly traded special purpose acquisition company ("SPAC"), announced today that on November 9th it filed a registration statement on Form S-4 (the "Registration Statement") with the U.S. Securities and Exchange Commission ("SEC"), which includes a preliminary proxy statement and prospectus in connection with its proposed business combination with Immersed, Inc. ("Immersed" or the "Company"), a leading provider of enterprise AI productivity solutions that use spatial computing to digitally transform the working environment. Upon closing of the proposed business combination, the combined company is expected to be named "Immersed Inc." and to list its common stock on Nasdaq under the new ticker symbols "AIMR". The Company will continue to be headquartered in Austin, Texas, and will continue to be led by Renji Bijoy (Forbes 30 Under 30, 2021 and Georgia Tech Hall of Fame, 2021), Founder and CEO of Immersed.

While the Registration Statement has not yet become effective and the information contained therein is subject to change, it provides important information about Immersed, Maquia, and the proposed business combination.

"I'm thrilled to be one step closer to fulfilling our public journey to help scale our leading Enterprise AI Solution, empowered by spatial computing," says Renji Bijoy, Founder and CEO of Immersed. "We've made extraordinary strides in the development of our AI assistant, Curator, and are excited to unveil this to the world as major tech companies have poured dozens of billions of dollars into spatial computing where Immersed is the most used enterprise application measured by the number of hours spent in the application," adds Renji.

"Immersed satisfies a number of the criteria and guidelines that we have established, including businesses that have an alternative business model with diversification of revenue including hardware and software, a company that leverage SaaS, tech and big data to enhance productivity" said Guillermo Eduardo Cruz, COO of Maquia.

As disclosed in the Registration Statement, after redemptions to date, there is currently approximately $11 million remaining in the trust account representing 1,090,718 public shares. Closing of the business combination is subject to the satisfaction or waiver of a minimum cash closing condition, among other conditions.

Immersed at a Glance

• Immersed has had over 730,000 unique users to date. However, Immersed's success can be represented by the number of hours that their users spend working in our application. Their users have spent 20 million minutes working in Immersed in the quarter ended September 30, 2023. That is equivalent to 173 years of working time during the quarter. Monthly active user usage has seasonality relating to holiday seasons and the school year, reaching a peak of about 87,000 monthly active users in May 2023.
• In an ever-evolving industry, the key to Immersed's long-term success and growth lies in its unwavering commitment to embracing technological advancements. As pioneers in spatial computing, Immersed understands the criticality of staying ahead of the curve, and its executive management diligently fosters an environment of innovation and adaptability.
• Immersed believes that its flagship product, the Immersed application, can be at the forefront of revolutionizing remote collaboration. Immersed is dedicated to continually enhancing the application to provide users with a seamless and intuitive virtual workspace. As its product development cycles are tightly integrated and informed by user data, user feedback, and user interviews, its product roadmap for the Immersed application includes ongoing improvements to enhance user experience and productivity, in addition to incorporating user-requested integrations.
• Complementing the Immersed application, Immersed's work-optimized spatial computing hardware, Visor, will be designed to elevate the immersive experience for professionals. The Visor product roadmap is expected to encompass advancements in display technology, enhanced tracking precision, and ergonomic design improvements. In close collaboration with major tech companies, Immersed aims to create a next-generation device that seamlessly integrates with the Immersed application, creating a cohesive and efficient workflow for remote collaboration.
• Proceeds from the transaction are expected to enable Immersed to complete the development of its cutting-edge AI assistant, "Curator", and deliver its purpose-built, lightweight headset, "Visor".
• One of Immersed's key growth strategies lies in fostering strategic partnerships with enterprise partners. Immersed's approach goes beyond hardware development: it encompasses channel sales and a dynamic land-and-expand model. By creating alliances with major players in the enterprise sector, Immersed aims to create a powerful ecosystem that amplifies its reach and impact.

Transaction Overview

The proposed business combination sets Immersed implied pre-money enterprise value at closing at $150 million. Maquia and Immersed boards of directors have approved the proposed business combination, which is expected to be completed in the first half of 2024 subject to, among other things, the approval by Maquia and Immersed stockholders and other customary closing conditions.

Advisors

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.