UUU - Universal Security Instruments rallies on merger agreement with Infinite Reality

Universal Security Instruments (NYSE:UUU) trades 29.5% higher premarket after it entered into a definitive merger agreement with Infinite Reality wherein the latter shareholders will become the majority owners (97%) of former's outstanding common stock on merger closure. Infinite Reality is 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. The merger will lead to a publicly traded company operating under the Infinite Reality name. The value of the business assets of Universal Security and its ongoing business will continue to inure to the benefit of its pre-merger shareholders As part of the transaction, Universal Security is evaluating strategic alternatives to maximize the value of its safety and security device operating business. "We believe the combination with Infinite Reality will allow us to merge with an innovative and forward-looking partner focusing on the ubiquitous social media, Metaverse and NFT

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Universal Security Instruments rallies on merger agreement with Infinite Reality