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The
filing comes amid a chill in the special purpose acquisition
company (SPAC) market, due to tightening accounting guidance and
regulatory scrutiny from the U.S. Securities And Exchange
Commission.
Besides Durant, SPACs have attracted the attention of other
celebrities, including rapper Jay-Z, tennis star Serena Williams
and National Basketball Association Hall of Famer Shaquille
O'Neal.
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.
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.
Investment and merchant bank LionTree is also a sponsor of the
SPAC.
Last month, Durant and Kleiman also backed online ticketing firm
SeatGeek's $1.35 billion merger with a blank-check firm.
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.
Infinite Acquisition is offering 20 million units at $10 each.
Credit Suisse is the sole underwriter for the offering.
The units will be listed on the New York Stock Exchange under
the symbol "NFNT.U", the company said.
(Reporting by Niket Nishant in Bengaluru; Editing by Anil
D'Silva)
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