Kevin Durant, two-time NBA champion, has established a Special Purpose Acquisition Partnership (SPAC) to investigate the possibility of working with technology-driven companies, including cryptocurrency companies. The company was founded in collaboration with Rich Kleiman, a Durant partner.
Durant, who was one of Coinbase’s early supporters, has not yet completed research into the sector. His new company SPAC plans to invest in companies related to cryptocurrencies and blockchain.
The new SPAC, Infinite Acquisition Corp., which was incorporated on Nov. 3 based on its filing with the SEC, plans to raise $ 200 million in its initial public offering. A SPAC is a company that was formed to merge or acquire another private company and eventually go public. Since their sole aim is to merge with a private company and thus avoid the requirements for an IPO, this type of business is commonly referred to as a “blind check”.
The SEC filing provides a brief look at the cryptocurrency market with names like Coinbase, Kraken, interest-saving and credit solutions like BlockFi, hardware wallet maker Ledger, and related hit projects, the NFTs like the Ethereum-based game Axie Infinity and Dapper Labs (the makers of NBA Top Shot).
Apart from cryptocurrencies and blockchain, Infinite Acquisition will explore a wide range of potential destinations, including companies in the sports, health and wellness, e-commerce, and technology and food supply sectors.so the presentation.
Infinite Acquisition plans to go public on the New York Stock Exchange (NYSE) with the ticker NFNT.U and sell 20 million shares at $ 10 each. The offer is being accepted by Credit Suisse and Infinite intends to repurchase all shares for cash if SPAC does not complete a merger or acquisition in less than 18 months.