Two-time NBA champion Kevin Durant formed a $200 million special purpose acquisition company (SPAC) with his business partner, Rich Kleiman.
With the SPAC company “Infinite Acquisition”, Durant became the last celebrity to join the SPAC craze.
What are SPAC Companies?
SPACs, also called blank check firms, are shell companies that collect cash in order to merge with a closely related company and make it public by agreement.
These publicly traded companies then issue detailed financial statements. After the regulatory bodies approve the deal, the SPAC company takes its place on the stock exchange.
Crypto and Blockchain Focused Collaborations Aimed!
SPAC company “Infinite Acquisition” plans to collaborate with technology and blockchain focused companies, including sports, health technologies and cryptocurrencies.
According to SEC filings, the SPAC company, which was established on November 3, will be sponsored by Thirty Five Ventures, founded by Durant and his partner, and the LionTree bank.
The company “Infinite Acquisition,” which will be listed on the New York Stock Exchange under the ticker symbol “NFNT.U,” plans to sell 20 million shares at $10 each.
It can take several weeks for SPAC companies such as “Infinite” to raise funds after they file their initial registration statement. In this context, if “Infinite Acquisition” does not get a company to go public within 24 months, it will have to return the money to investors.
The superstar of the NBA, who has invested in Coinbase since 2017, continues to be interested in cryptocurrencies.