Donald Trump’s nascent hacker’s dream of a social media platform is off the table, legally or otherwise. So, too, is WeWork, thanks to Shaquille O’Neal. SeatGeek’s no longer available after signing a deal with a SPAC backed by Brooklyn Nets star Kevin Durant. Still, Durant has got a taste for the blank check now and he can’t stop, even as there remain hundreds of SPACs desperately seeking dance partners, and the legal and regulatory future of the space remains very much up in the air.
Brooklyn Nets star Kevin Durant has become the latest celebrity to endorse a blank-check firm after his Infinite Acquisition Corp filed for an initial public offering of up to $200 million on Wednesday…. Durant will co-lead the SPAC alongside entrepreneur Rich Kleiman. The duo earlier co-founded venture firm Thirty Five Ventures. Investment and merchant bank LionTree is also a sponsor of the SPAC.
As befits a man enjoying a hot start to the basketball season, Durant certainly doesn’t lack for confidence in this latest venture.
Infinite Acquisition said it would redeem 100% of the shares for cash if it does not close a merger within 18 months after the offering closes. Typically, such acquisition vehicles have up to 24 months to hunt for a company to take public.
No points, however, for guessing where it plans to look for a partner.
Infinite Acquisition said it would focus on buying companies in sectors such as sports, health, e-commerce, food and cryptocurrency.
For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.