Transaction expected to accelerate Infinite Reality’s growth in the Metaverse, creator economy, and beyond Universal Security Instruments, Inc. evaluating strategic alternatives for existing operations.
NORWALK, Conn. and OWINGS MILLS, Md., Feb. 25, 2022 /PRNewswire/ — Universal Security Instruments, Inc. (NYSEAmerican: UUU) (“USI”) and Infinite Reality, Inc. (“Infinite Reality”), the new Metaverse innovation and entertainment company born out of the powerful combination of social ecommerce platform app Display Social and leading entertainment production facility Thunder Studios, announced today they have entered into a definitive merger agreement. Under this agreement, shareholders of Infinite Reality will become the majority owners of USI’s outstanding common stock upon the closing of the merger. Subject to approval by shareholders of both Infinite Reality and USI, as well as SEC clearance and stock exchange approval, the proposed merger will result in a publicly traded company operating under the Infinite Reality name.
As part of the transaction, USI today announced that it is evaluating strategic alternatives to maximize the value of its safety and security device operating business.