UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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| The Stock Market LLC |
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Item 8.01. Other Events
On May 13, 2022, Aries I Acquisition Corporation, a Cayman Islands company (the “Company”), notified the trustee of the Company’s trust account (the “Trust Account”) that it was extending the time available to the Company to consummate its initial business combination from May 21, 2022 to August 21, 2022 (the “Extension”). The Extension provides Aries with additional time to complete its proposed business combination with Infinite Assets, Inc. a leading Metaverse infrastructure platform that enables brands to create, monetize and drive consumer engagement with digital content. The Extension is the first of up to two three-month extensions permitted under the Company’s governing documents.
Pursuant to the terms of the Company’s trust agreement, in connection with the Extension, the Company’s sponsor, Aries Acquisition Partners, Ltd., will deposit an aggregate of $1,078,125 (the “First Extension Payment”) into the Trust Account prior to May 21, 2022, on behalf of the Company. This deposit will be made in respect of a non-interest bearing loan to the Company (the “Loan”). If the Company completes a business combination by August 21, 2022 (or November 21, 2022, if the Company exercises the second extension to extend the time to complete a business combination), the Company will, at the option of the Sponsor, (i) repay the Loan out of the proceeds of the Trust Account released to the Company, or (ii) convert a portion or all of the Loan into warrants of the Company at a price of $1.00 per warrant, which warrants will be identical to the private placement warrants issued to the sponsor at the time of the Company’s initial public offering. If the Company does not complete its initial business combination by August 21, 2022 (or November 21, 2022, if the Company exercises the second extension to extend the time to complete a business combination), the Company will only repay the Loan from funds held outside of the Trust Account.
On May 16, 2022, Aries issued a press release, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K, announcing the Extension. A copy of the press release is filed as Exhibit 99.1 hereto.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits:
| Exhibit No. |
Description | |
| 99.1 | Press Release, dated as of May 16, 2022. | |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ARIES I ACQUISITION CORPORATION | ||
| By: | /s/ Paul Wolfe | |
| Name: Paul Wolfe | ||
| Title: Chief Operating Officer | ||
| Dated: May 16, 2022 | ||