Kevin Durant’s new SPAC company focuses on encryption and blockchain

Two-time NBA champion Kevin Durant established a special purpose acquisition company (SPAC) to seek cooperation with technology-driven companies including cryptocurrency companies. The company was founded in conjunction with Durant’s business partner Rich Kleiman.

Durant, who is Early Coinbase supporter, Has not yet completed the exploration in this field. His new SPAC company plans to invest in encryption and blockchain-related businesses.

According to its US Securities and Exchange Commission, the new SPAC Infinite Acquisition Corp was established on Wednesday Record, Seeking to raise US$200 million in its initial public offering (IPO). SPAC is a company established with the purpose of merging or acquiring another private company and finally going public. Since its sole goal is to merge with a private company, thereby bypassing the IPO requirements, this type of company is often referred to as a “blank check” business.

The SEC document briefly introduces the crypto market, whose names include Coinbase, Kraken, Loan and interest savings Solutions such as Blockchain, Hardware wallet manufacturer Ledger, and successful irreplaceable token-related projects, including games based on Ethereum Axis infinity And Dapper Labs ( Best shot in the NBA).

The document shows that in addition to encryption and blockchain, Infinite Acquisition will also focus on a wide range of potential targets, such as sports, health and wellness, e-commerce, food technology, and supply industries.

Infinite Acquisition plans to list on the New York Stock Exchange under the ticker symbol NFNT.U and sell 20 million shares at a price of $10 per share. The issuance will be underwritten by Credit Suisse. If SPAC fails to complete the merger or acquisition within 18 months, Infinite intends to repurchase all shares in cash.