The two-time NBA champion Kevin Durant is launching a special purpose acquisition company or SPAC to focus on tech-driven businesses as well as crypto enterprises. With more and more people getting into crypto, Kevin Durant is an early backer of Coinbase.
Two-Time NBA Champion Kevin Durant
According to the story by CoinTelegraph, the two-time NBA champion, Kevin Durant, has reportedly launched a SPAC to look into collaborating with tech-driven businesses. This also includes cryptocurrency enterprises.
The film was reportedly established in conjunction with Durant's business associate known as Rich Kleiman. The early Coinbase backer, Kevin Durant, is reportedly not yet done exploring the whole sector yet.
Kevin Durant Launches SPAC Company
His brand new SPAC company is now planning to invest directly in crypto as well as blockchain-related businesses. The new SPAC owned by Kevin Durant is reportedly known as Infinite Acquisition Corp.
According to the United States Securities and Exchange Commission filing, it was noted that the SPAC is looking to raise a whopping $200 million during its initial public offering or IPO. the SPAC is reportedly a company that was initially formed to combine along with or even acquire yet another private firm and eventually will go public.
SEC Filing for Infinite Acquisition Corp.
It was noted that this is because its only aim is actually to combine with a private firm and thus skirt the requirements of a regular IPO. Firms like these are most commonly known as "blank check" businesses. IoTex just recently climbed to its all time high while trying to develop a number of different in-house innovations to frontier blockchain 3.0.
It was stated that the SEC filing reportedly provides a brief rundown of the whole crypto market. This is along with names like Coinbase, Kraken, and BlockFi, a lending and interest-saving solutions company. Just recently, the virtual real estate NFT game called Upland was able to raise $18 million, bringing it to a $300 million valuation with 60,000 active daily users.
Crypto and Blockchain Projects
This also includes Ledger, the hardware wallet maker, and successful nonfungible token-projects, including Axie Infinity and Dapper Labs, the known creators of NBA Top Shot. Aside from crypto and blockchain, it was stated that Infinite Acquisition will look at a large range of different prospective targets.
The targets include businesses that are in the health and wellness, sports, e-commerce, and even food technology and supply industries. This is according to the filing. It was stated that Infinite Acquisition is now planning to go public on the official New York Stock Exchange along with the ticker NFNT.U and is expected to share 20 million shares at a starting $10 each.
The offering will reportedly be underwritten by Credit Suisse and Infinite, who intend to purchase back all of the shares with cash. This is should the SPAC fail to become a merger or acquisition in just less than 18 months.
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Written by Urian B.
