Kevin Durant’s new SPAC firm focuses on crypto and blockchain

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Two-time NBA Champion Kevin Durant founded a Special Purpose Acquisition Company (SPAC) to look into working with technology-driven companies, including cryptocurrency companies. The firm was founded in collaboration with Durant’s business partner, Rich Kleiman.

Durant, who was an early Coinbase backer, hasn’t finished exploring the sector. His new SPAC company plans to invest in crypto and blockchain-related businesses.

The new SPAC, Infinite Acquisition Corp, which was formed Wednesday according to its filing with the Securities and Exchange Commission, is attempting to raise $ 200 million on its initial public offering (IPO). A SPAC is a company that was formed to merge or acquire another private company and eventually go public. Since their sole aim is to partner with a private company and thereby circumvent the requirements of an IPO, such companies are commonly referred to as “blank check” companies.

The SEC filing provides a brief look at the crypto market with names like Coinbase, Kraken, credit and interest-saving solutions like BlockFi, hardware wallet maker Ledger, and successful non-fungible token-related projects including the Ethereum-based game Axie Infinity and Dapper Labs (the makers of NBA Top Shot).

Aside from crypto and blockchain, Infinite Acquisition will explore a wide range of potential targets such as sports, health and wellness, e-commerce, and food technology and supply industries, according to the filing.

Infinite Acquisition plans to go public on the New York Stock Exchange with the ticker NFNT.U and sell 20 million shares at $ 10 each. The offer is being accepted by Credit Suisse and Infinite intends to repurchase all of the shares in cash if SPAC does not complete a merger or acquisition in less than 18 months.