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Two-time NBA superstar Kevin Durant has launched a SPAC or Special Purpose Acquisition Company, which will look at tying up with tech-driven firms, including firms in the crypto space. The SPAC has been launched in partnership with Durant’s business partner Rich Kleiman.
The firm will focus on acquiring or merging with a private company in the crypto space and take it public. Durant is also an early investor in Coinbase and made a sizable profit when the exchange went public.
Details Of The SPAC
Durant launched the SPAC through Thirty-Five Ventures, Durant’s investment firm in partnership with business partner Rich Kleiman and investment banking firm Lion Tree. The SEC has published a filing for a new SPAC called the Infinite Acquisition Corp for an initial public offering of up to $200 million.
A SPAC, also known as a Special Purpose Acquisition Company, is a company that is created to merge with or acquire another private firm and take it public. These types of companies are often referred to as “blank cheque” companies, as their only goal is to merge with a private firm, allowing the company to go around a standard IPO.
Focusing On Crypto
Durant and entrepreneur Rich Kleiman have previously worked on deals that involve crypto exchange Coinbase and online brokerage firm Robinhood. Infinite Acquisition, in its SEC filing, stated,
Infinite Acquisition has made digital assets and crypto an area of focus. This is an area that has seen a recent uptick of interest among consumers and users of exchanges such as Coinbase, Kraken, and Ledger. It has highlighted cryptocurrencies and digital asset firms as a potential area of focus.
The filing has highlighted Kraken, Coinbase, BlockFi, Ledger, and NFT-related firms such as Dapper Labs and Axie Infinity. The filing stated regarding these companies,
“These technologies make the internet ownable, providing new ways to reward and compensate creators for their work allowing unbound creativity, and driving toward the emergence of potentially massive new platforms to harness this democratization of scarcity.”
Other Companies On The Radar
The SEC filing made by Infinite has painted a broad picture of the type of companies that it intends to target for acquisition. These include companies in health and wellness, sports, e-commerce, and others such as food technology and supply industries.
“We will seek visionary founders leading technology-enabled platforms disrupting the traditional worlds of sports, health, wellness, food, commerce, and culture through their unique relationship with the consumer.”
New York Stock Exchange Listing
Infinite Acquisition will list on the New York Stock Exchange and look to have its units listed under the ticker NFNT.U. It will offer 20 million units at $10 per unit. The offering will be underwritten by Credit Suisse, with Infinite promising to buy back all shares in cash if the SPAC does not complete a merger within 18 months of closing.
The Valora Investment
The NBA superstar has also invested in crypto app Valora. The app already has a slew of celebrity backers such as Carmelo Anthony, Nasir’ Nas’ Jones and Sean ‘Diddy’ Combs, and YouTuber Casey Neistat. Valora utilizes stablecoins to simplify sending money abroad, making the process cost-effective and hassle-free. It also allows users to avoid hefty fees levied by foreign exchange firms.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.