- Kevin Durant, a two-time NBA champion, has launched SPAC to focus on technology-driven businesses, including crypto enterprises. Kevin Durant wants to go public with Infinite Acquisitions on NYSE at a valuation of $200 million.
Crypto and blockchain worlds are not only for the “nerds” or “IT guys” anymore. Many celebrities, influencers, and athletes are dipping their toes in this sphere and want to participate in these trends as they see a huge potential not just to make money, but to participate in significant changes in how our culture functions.
Kevin Durant – Prominent Investor in Crypto and Blockchain
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. Kevin Durant is known as an early Coinbase backer, and it seems like his interest in the cryptocurrency sphere is still existing. Recently, he established the SPAC firm with a business partner Rich Kleiman.
The new SPAC, Infinite Acquisition Corp was created at the beginning of November and 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. 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).
Infinite Acquisition will eye a wide range of prospective targets, such as businesses in the sports, health and wellness, e-commerce, and food technology and supply industries. Infinite Acquisition is planning to go public on the New York Stock Exchange (NYSE) with the ticker NFNT.U and sell 20 million shares at $10 each. The offering will be underwritten by Credit Suisse and Infinite Acquisition intends to purchase back all the shares with cash if SPAC fails to complete a merger or acquisition in less than 18 months.
Obviously, Kevin Durant is not just a skilled and famous basketball player, he is also a successful businessman and investor. He wants to allow stock investors to invest money in cryptocurrencies through his company, Infinite Acquisitions, which could do very well in the future if he picks projects like Coinbase.
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sources: cointelegraph, businessinsider
author: Rene Remsik
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.