Kevin Durant’s new SPAC firm to focus on crypto and blockchain
Brooklyn Nets star Kevin Durant has been inducted into the “blank check” hall of fame.
Kevin Durant, a two-time NBA champion, has launched a special purpose acquisition company (SPAC) to look at collaborating with technology-driven businesses, including cryptocurrency enterprises. The firm was established in conjunction with Durant’s business associate Rich Kleiman.
Durant, who was an early Coinbase backer, isn’t done exploring the sector yet. His new SPAC company is planning to invest in crypto and blockchain-related businesses.
The new SPAC, Infinite Acquisition Corp, which was formed on Wednesday, according to its United States Securities and Exchange Commission filing, seeks to raise $200 million in its initial public offering (IPO). A SPAC is a company that was formed to combine with or acquire another private firm and eventually go public. Because its only aim is to combine with a private firm and thereby skirt the requirements of an IPO, such firms are commonly known as “blank check” businesses.
The SEC filing provides a brief rundown of the crypto market, with names such as Coinbase, Kraken, lending and interest savings solutions such as BlockFi, hardware wallet maker Ledger, and successful nonfungible token-related projects, including Ethereum-based game Axie Infinity and Dapper Labs (the creators of NBA Top Shot).
Apart from crypto and blockchain, Infinite Acquisition will look at a wide range of prospective targets, such as businesses in the sports, health and wellness, e-commerce, and food technology and supply industries, according to the filing.
Infinite Acquisition is planning to go public on the New York Stock Exchange with the ticker NFNT.U and sell 20 million shares at $10 each. The offering will be underwritten by Credit Suisse and Infinite intends to purchase back all shares with cash should the SPAC fail to complete a merger or acquisition in less than 18 months.