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NBA star Kevin Durant helms $241.2 million 'blank-check' company

Brooklyn Nets forward Kevin Durant is co-CEO of

Brooklyn Nets forward Kevin Durant is co-CEO of a "blank-check" company that will be on the hunt for a merger target. Credit: Getty Images/Mike Stobe

Brooklyn Nets star Kevin Durant is seeking to score as co-chief executive of a so-called "blank-check company."

The company, Manhattan-based Infinite Acquisition Corp., this week filed to raise as much as $241.2 million through the sale of stock and warrants.

Infinite Acquisition, incorporated in the Cayman Islands, plans to trade on the New York Stock Exchange under the symbol "NFNT."

Two-time NBA champion Durant, 33, is listed as co-chief executive with Rich Kleiman, 44. Durant and Kleiman co-founded investment company Thirty Five Ventures in 2016.

Blank-check companies typically go public to raise money from investors in the expectation of merging with an operating business. Those blank-check companies are known as SPACs, or special-purpose acquisition companies.

SPACs generally sell shares at a price of $10 each and have 24 months to find a merger partner. If no transaction is completed, the funds are returned to shareholders.

As of June 30, 424 SPACs were seeking a merger target, according to a report by KPMG.

Infinite Acquisition's Tuesday filing with the Securities and Exchange Commission said the company will consider disruptive and "technology-enabled" businesses in the areas of health, wellness, food, commerce and culture.

The deal will be underwritten by Credit Suisse Securities LLC.

The investment portfolio of Thirty Five Ventures has included Coinbase, Postmates and SeatGeek. Ticketing platform SeatGeek plans to merge with another blank-check company, RedBall Acquisition Corp.

In August, Durant, winner of four NBA scoring titles, agreed to a four-year contract extension with the Nets that is worth $198 million.

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