By Brandy Betz
Metaverse infrastructure platform Infinite Assets, also known as Infinite World, will go public in a merger with special purpose acquisition company (SPAC) Aries I Acquisition Corp. The combined company will have a pro-forma equity value of $700 million and will trade on the Nasdaq under the “JPG” ticker, the companies said in a statement Monday. The deal is scheduled to close in the first half of next year.
InfiniteWorld helps brands create and monetize digital assets and non-fungible tokens (NFTs) and engage with consumers and fans. The company says it has partnered with over 75 creators and brands. InfiniteWorld recently combined with strategic partner DreamView, which was founded by the team that pioneered computer-generated imagery (CGI) technologies at Lucasfilm and Disney.“With up to $15 trillion of wealth expected to flow into digital assets over the next 10 years, we are witnessing the birth of a new global asset class and economic system,” Aries Chairman Thane Ritchie said in the statement. “InfiniteWorld’s unparalleled technology infrastructure underscores the transition of commerce to the digital world.”The transaction will provide up to $171 million in funds, including the cash held by both companies and InfiniteWorld-owned cryptocurrencies valued at $93 million. InfiniteWorld stockholders will own approximately 75% of the combined company, and up to a maximum of 81% if certain share price milestones are achieved.InfiniteWorld expects the deal to accelerate its platform development and expand brand partnerships.
The company will be led by CEO Yonathan Lapchik, a Deloitte Blockchain Lab veteran and co-creator of blockchain ecosystem SUKU. Nathaniel Hunter, the former CEO of Dream View, will become chief operating officer.Previous investors in Infinite World include investment firm Morgan Creek Digital, trading firm GSR and liquidity provider Wintermute.
The article was written by Amit Caesar
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