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SPAC Mania: NBA star launches a $200 million SPAC!

November 3, 2021
in Markets
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Basketball star Kevin Durant has launched his blank check company. The Brooklyn Nets star is the co-CEO of Infinite Acquisition Corp, which filed on Wednesday for an IPO for $200 million.

Infinite Acquisition Corp plans to sell 20 million shares at $10. The company will return the money to investors if it doesn’t make an acquisition within 24 months.

What are the potential target sectors according to Infinite? Sports, e-commerce, and cryptocurrency companies.

The SPAC will trade under the ticker symbol “NFNT.U” on the New York Stock Exchange (NYSE).

What is a SPAC? SPAC is typically a blank check company. It is formed to raise capital through an initial public offering (IPO) to acquire existing companies. The funds raised from investors are placed in a 2-year escrow account, and once a deal is identified, it is presented to investors. If no acquisition takes place during this period, then the money is returned to the investors.

Over $100 billion in SPAC deals have occurred in 2021. However, the market has cooled down after a Securities and Exchange Commission (SEC) accounting crackdown later this year.

Tags: DealsMoneyStocksUnited States
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