Metro One Telecommunications to merge with Inception XR to reshape tech world
Metro One Telecommunications, Inc. and Inception XR Inc. have shaken the tech world with the announcement of their reverse merger. This strategic move is set to revolutionize the virtual reality technology landscape.
Details of the Merger Plan
Under the Non-Binding Term Sheet, Metro One will form a wholly-owned subsidiary in Delaware, merging with Inception XR — the surviving entity. The stockholders of Inception XR will become the controlling stockholders of Metro One. The transaction, subject to definitive agreement and closing conditions, is expected to complete by the first quarter of 2024.
Inception XR’s Market Impact
Since its founding in 2016, Inception XR has become a leading provider of immersive, educational content, specializing in Virtual Realty, Augmented Realty, and 3D web technologies. The company has excelled in delivering superior learning outcomes and expanded its platform to serve healthcare professionals during the COVID-19 pandemic.
Metro One Telecommunications and Inception XR to merge to dominate virtual reality
Financial and Leadership Aspects of the Merger
The merger values the combined entity at approximately $65 million. Metro One will raise $3.6 million, and Inception XR will contribute an additional $1.8 million to invest in the combined company. Post-merger, ownership will be split 25% to current Metro One stockholders and debtholders, and 75% to current and new Inception XR stockholders. Benny Arbel, CEO of Inception XR, will become the CEO of Metro One.
Comments from Company Executives
Nani Maoz, Chairman and CEO of Metro One, highlighted the merger’s value to investors and Inception XR’s strong position in the fast-growing virtual reality space. Benny Arbel emphasized the transformative nature of the merger, enhancing Inception XR’s growth and reach in the virtual reality sector.
Conclusion: A Merger Signaling Technological Advancement
The proposed merger between Metro One Telecommunications, Inc. and Inception XR Inc. represents a significant milestone in the tech industry, particularly in the realms of virtual reality and educational technology. This partnership is poised to drive innovation, market expansion, and redefine immersive learning experiences on a global scale.