This is a blank check company (SPAC) that raised approximately $128M in its March 2021 IPO with the purpose of merging with a private company to take it public. The SPAC focuses on technology companies in consumer internet, media, sports, and entertainment, targeting businesses with enterprise values of roughly $500M to $2.5B. The management team, led by CEO Thomas Bushey and Matthew Hong (former COO of Turner Sports), argues its value-add is its network and operating experience in consumer internet and media. The SPAC has identified Infinite Reality, a company in the metaverse and immersive technology space, as its merger target, signing a merger agreement in December 2022. The proposed deal would combine both entities into a new public holding company, with SPAC shareholders receiving shares plus a Contingent Value Right tied to post-close stock performance. The deal has been repeatedly amended and extended three times, and has not yet closed. Significant shareholder redemptions have eroded the trust from ~$128M at IPO to ~$21.6M as of December 31, 2023. The SPAC earns no revenue; its costs are funded by interest on trust assets and sponsor contributions. The Sponsor's economics come from founder shares purchased at a nominal price before the IPO, which convert into equity in the combined company upon a successful merger.