Phoenix Suns star Kevin Durant and his fellow investors in a special purpose acquisition company, or SPAC, will wind down and dissolve the entity after being unable to consummate a merger deal with a target company.
Durant — who was playing for the Brooklyn Nets at the time — and his partners set up their SPAC, known as Infinite Acquisition Corp., back in 2021, looking to invest in "companies in sectors such as sports, health, e-commerce, food and cryptocurrency," according to its SEC filings.
In late 2021, in the midst of the Covid-19 pandemic, SPACs were all the rage when the initial public offering market had dried up and private companies were looking for a quick way to get listed on Wall Street. SPACs are also known as "blank check" companies.
