ENTERTAINMENT/PEOPLE | Nov 5, 2021 | WOZINGA NEWS
Kevin Durant starts $200M SPAC that could target sports or cryptocurrency
- Durant joins a growing list of well-known players, including Stephen Curry, Shaquille O’Neal, and Alex Rodriguez, in launching or investing in a SPAC.
By Elah Mae Ariate Wozinga Staff
Most sports fans recognize Kevin Durant as an amazing basketball player for the Brooklyn Nets. However, the two-time NBA champion is also a member of a different team – one that exists off the court.
Kevin Durant launches a SPAC, targeting sports or cryptocurrency
According to filings filed with the Securities and Exchange Commission on Wednesday. Durant and his longtime manager Rich Kleiman have formed a special-purpose acquisition company, or SPAC, CBS News reported.
Durant is listed as co-CEO of Infinite Acquisition. He wants to go public by acquiring a firm in the sports, health, food tech, ecommerce, or cryptocurrency sectors.
The SPAC plans to go public under the ticker symbol “NFNT” and is looking for new investors to contribute up to $200 million. Durant and Kleiman did not specify which company they want to combine with.
“We have not picked any business combination target. Also, we have not commenced any substantial conversations, directly or indirectly, with any business combination target.” Durant and Kleiman stated in the document.
SPACs also known as “blank-check”
Durant joins a growing list of well-known players. These include, Stephen Curry, Shaquille O’Neal, and Alex Rodriguez, in launching or investing in a SPAC, according to the report.
SPACs, often known as “blank-check” corporations since they go public before finding a private company with which to merge. It became increasingly popular in 2020, gaining support from celebrities and investors alike.
Outside of sports, shares of former President Donald Trump’s new social media firm soared more than 1,200% after it merged with blank-check startup Digital World Acquisition last month.
Despite attracting billions of dollars in funding, SPACs have not paid off for most investors, according to Goldman Sachs. Overall returns on acquisition vehicles have been “below par,” according to investment bank analysts in a recent report.