Markets: NBA Star Kevin Durant Launches $200M SPAC
Basketball star Kevin Durant is the latest famous face to dabble in special-purpose acquisition companies (SPACs). His venture capital firm has launched a SPAC that’s seeking to raise $200mn from an initial public offering (IPO).
- Thirty Five Ventures, a VC firm co-founded by Durant, launched the new SPAC in partnership with investment bank LionTree. It’s a 50-50 partnership between both firms. The name is Infinite Acquisition Corp.
- Notably, Durant is Co-CEO of the SPAC along with Rich Kleiman, the other co-founder of Thirty Five Ventures. That implies he’ll lead the search for a merger target after raising money from investors.
- Infinite Acquisition Corp. has filed to sell 20 million share units for $10 each, summing up to $200mn. The filing comes at a time when the SPAC market has cooled down, compared to this time last year when SPACs were launching here and there.
- Infinite Acquisition has an 18-month schedule to seek a merger target, smaller than the typical 24 months. If it doesn’t get a merger target after 18 months, the firm says it’ll redeem all its shares for cash.
- Infinite has filed to list on the New York Stock Exchange (NYSE) with the trading symbol “NFNT.U”.