Two-time NBA champion Kevin Durant has set up a Special Purpose Acquisition Company (SPAC) to look into collaborating with technology companies, including crypto companies. The company was founded with Durant’s business partner, Rich Kleiman.
Durant, who was one of the first sponsors of Coinbase, has yet to explore this sector. His new company, SPAC, plans to invest in the cryptocurrency and blockchain business.
The new SPAC, Infinite Acquisition Corp., which was formed Wednesday according to filings with the US Securities and Exchange Commission, aims to raise $200 million in its IPO. SPAC is a company that was formed to merge with or acquired another private company and was eventually incorporated. Since their sole purpose is to merge with a private company and thus circumvent the requirements of an IPO, these companies are known as blank check companies.
The SEC archive provides an overview of the cryptocurrency market with names like Coinbase and Kraken, lending and interest solutions such as BlockFi and hardware wallet maker Ledger, and successful intangible token projects including the Ethereum-based Axie Infinity game. and Dapper Labs (creators of the NBA Top Shot).
In addition to cryptocurrency and blockchain, Infinite Acquisition will consider a wide range of potential targets, such as businesses in sports, health and wellness, e-commerce, food technology and purchasing, according to the application.
Infinite Acquisition plans to list on the New York Stock Exchange under the NFNT.U index and sell 20 million shares at $10 each. The offer will be signed by Credit Suisse and Infinite intends to buy back all shares for cash if SPAC is unable to complete the merger or acquisition in less than 18 months.