SPAC Newbury Street Acquisition Corp. (NASDAQ:NBST) is in late-stage talks to merge with metaverse experience developer Infinite Reality, which in turn was slated to merge with Universal Security Instruments (UUU).

Newbury and Infinite Reality could announce an agreement as early as next week. Representatives for both companies declined to comment on the matter. according to a Bloomberg reportwho cited people close to the matter.

Newbury Street went public in March 2021, raising around $120 million.

Infinite Reality is backed by a number of celebrity investors, including rock band Imagine Dragons, DJ/music producer Steve Aoki, NFL player Landon Collins, and NBA player Rudy Gobert. The company announced a multi-year partnership in October with Warner Bros. Discovery…