Item 8.01. Other Events
On August 16, 2022, Aries I Acquisition Corporation, a Cayman Islands exempted
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 August 21, 2022 to September
21, 2022 (the "Extension"). The Extension provides Aries with additional time to
complete its proposed business combination with Infinite Assets, Inc., a Web3
and Metaverse infrastructure company that enables brands and creators to create,
monetize, and drive consumer engagement with digital content. The Extension is
the first of up to twelve (12) one-month extensions permitted under the
Company's governing documents.
Pursuant to the terms of the Company's trust agreement, on August 17, 2022, in
connection with the Extension, the Company's sponsor, Aries Acquisition
Partners, Ltd., deposited an aggregate of $80,362.03 (the "First Extension
Payment") into the Trust Account, on behalf of the Company. This deposit was
made in respect of a non-interest bearing loan to the Company (the "Loan"). If
the Company completes a business combination by September 21, 2022 (or by
October 21, 2022, or by the 21st day of each of the immediately succeeding ten
(10) calendar months, to the extent that, prior to each such date, the Company
exercises an additional one-month extension to extend the time to complete a
business combination), the Company will repay the Loan out of the proceeds of
the Trust Account released to the Company. If the Company does not complete its
initial business combination by September 21, 2022 (or by October 21, 2022, or
by the 21st day of each of the immediately succeeding ten (10) calendar months,
to the extent that, prior to each such date, the Company exercises an additional
one-month 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 August 18, 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 August 18, 2022
104 Cover Page Interactive Data File (embedded with the Inline XBRL document
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