Maquia Capital Acquisition is a SPAC that raised ~$173M in its May 2021 IPO and has been holding those proceeds in trust while searching for a merger target. Maquia has signed a Business Combination Agreement to merge with Immersed, a privately held enterprise AR/VR software company founded in 2017 and based in Austin, Texas. Immersed builds spatial computing software that lets employees work inside a virtual AR/VR office environment and collaborate remotely, claiming over 730,000 unique users. Beyond its core software, Immersed has two products in development: Visor, a purpose-built AR/VR headset planned as a co-development with an unnamed major manufacturer, and Curator, an AI assistant built on a multi-modal LLM and trained for enterprise productivity tasks. Immersed's intended business model spans three revenue streams: software subscriptions, Visor hardware sales, and per-user monetization of Curator. The deal has faced significant headwinds: repeated shareholder redemptions have eroded the trust account from ~$174M at IPO to roughly $10.8M, making PIPE financing necessary to meet closing conditions. Immersed's auditors have also raised going concern doubts. The merger carries a closing deadline of May 7, 2024, with an outside date of August 7, 2024 for any alternative transaction, after which Maquia would liquidate and return remaining trust funds to shareholders at approximately $11.63 per share.