Kevin Durant oversees the game at the Staples Center on March 10, 2020 in Los Angeles, California.
Chris Elise | NBAE via Getty Images
Basketball star Kevin Durant bets on an empty check company.
Brooklyn Nets endorsed Infinite Acquisition Corp, which filed for a $ 200 million initial public offering on Wednesday.… Infinite will sell 20 million shares for $ 10 and will refund the money to investors if it does not purchase the company for a public offering within 24 months. Targets include: sports, e-commerce and cryptocurrency companies.
The news was first reported Reuters…
The special acquiring company will trade under the ticker “NFNT.U” on the New York Stock Exchange.
SPAC, also known as Blank Check Company, is created to raise capital through an initial public offering to acquire existing companies. The funds are deposited into an escrow account for two years, and once a trade is discovered, it is presented to investors.
Investors can exit if they don’t approve of the offer. But if the deal is secured, investors can also get share warrants – options to buy shares in the new company acquired in the future.
In 2020, the bookmaker DraftKings used a blank check for a public offering of shares.
More than $ 100 billion in deals were made in 2021, according to SPAC. Reuters… But the market has cooled off after a stringent accounting measure by the Securities and Exchange Commission.
Durant, 33, is an active investor in his firm, Thirty Five Ventures.
Last month, he joined another IPO in secondary ticket service. SeatGeek… The company entered into a $ 1.35 billion business combination agreement with RedBall Acquisition Corp.
Durant is also a Team Investor for Major League Soccer and the Goalsetter banking app. Last April, he joined investment firm of hip-hop star Drake and Amazon co-founder Jeff Bezo to become a shareholder in sports media company Overtime.
Durant says Durant has earned more than $ 300 million in his professional career. Spotrac… That figure will only increase with his latest deal with the National Basketball Association. Last August, he agreed with the Nets to renew it for four years worth $ 194.2 million. This contract expires in 2026 and Durant will earn $ 53 million in the last year.
The Nets are 4-3 this season, with Durant averaging 27.7 points, 8.9 rebounds and 5.3 assists in those seven bouts. The Nets host the Atlanta Hawks at the Barclays Center on Wednesday.