Kevin Durant Backs $200 Million SPAC.
By: Jacob Lyle Image Source: NBA
Nov 7th, 2021
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. Kevin will now serve as co -CEO of infinite which will be be listed on the New York Stock Exchange.
SPACs are shell firms that use the pool of capital raised through an initial public offering to merge with a private company and take it public. For example, sports betting company Draft Kings used a SPAC in 2020 to go public. In this case, Infinite Acquisition said it would focus on buying companies in sectors such as sports, health, e-commerce, food and cryptocurrency.
Durant will co-lead the SPAC alongside entrepreneur Rich Kleiman. The duo earlier co-founded venture firm Thirty Five Ventures. Durant has made over $300 million dollars with his basketball career, so there's no question that he will use some of that to expand and diversify his income portfolio.
Infinite will be something very interesting to look at in the near future as someone with such a high caliber status becomes the face of Infinite.