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NBA star Kevin Durant backs $200 million SPAC


Kevin Durant watches as he plays at the Staples Centre on March 10, 2020, Los Angeles, CA.

NBAE via Getty Images| NBAE via Getty Images

Kevin Durant plays basketball and is betting on a check company.

Infinite Acquisition Corp was backed by the Brooklyn Nets’ forward, who filed for an initial public offering for $200 million on WednesdayIt is. Infinite plans to sell 20,000,000 shares for $10, and pay investors money if it fails to acquire a public company within the next 24 months. The targets include e-commerce and crypto companies. 

First reported was by Reuters

Special purpose acquisition companies will trade on the New York Stock Exchange under the ticker symbol NFNT.U.

SPAC is also called a Blank Check Company. It’s a company that raises capital via an initial public offer to purchase existing businesses. After a deal is made, funds are transferred to an account that will last for two years.

If investors don’t agree to a proposal, they can withdraw from the deal. But if a deal is secured, investors can also obtain stock warrants – options to buy shares of the new company purchased at a future date.

Company that offers sports betting DraftKingsTo go public in 2020, I used a blank check firm.

In 2021 alone, SPAC deals amounted to more than $100 Billion. Reuters However, market has cooledAfter a Securities and Exchange Commission accounting crackdown.

Durant is 33 years old and an active investor via his company Thirty Five Ventures.

He joined an IPO last month for secondary-ticket services SeatGeekThe company entered into a business combination agreement valued at $1.35 billion with. The company signed a $1.35 Billion business combination agreement with RedBall Acquisition Corp

Durant also invests in the team. Major League Soccer clubPlease see the following: banking appThe Goalsetter. In April 2017, he was joined by rapper Drake and Amazon founder Jeff Bezo, who became a stakeholder. the sports media company Overtime

Durant’s pro-career earnings have exceeded $300 million, according to SpotracThis is a. This number will increase due to his recent National Basketball Association agreement. In August 2018, he signed a 4-year extension with the Nets worth $194.2million. Durant will earn $53million in his final year, after the contract ends in 2026.

Durant’s averages in seven games are 27.7, 8.9 rebounds and 5.3 assists. The Nets are currently 4-3 on the court so far this season. On Wednesday, the Nets will host the Atlanta Hawks at the Barclays Center.