Infinite Reality, a company that takes companies to the metaverse, announced plans to go public through a special purpose acquisition company, or SPAC. The company plans to raise at least $128 million at a valuation of $1.85 billion.

Under the deal, Infinite Reality would be combined with Newbury Street Acquisition Corporation (NASDAQ: NBST), a publicly traded company that serves as an investment vehicle. Infinite Reality said it is working with some of the world’s biggest brands, including Warner Bros. Discovery Sports, to foster immersive virtual experiences and new monetization opportunities at Web3-enabled showrooms and events.

In July,…