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NBA Star Kevin Durant Launches $200M Special Purpose Acquisition Company

The Kevin Durant takeover just won’t stop! As AfroTech previously reported, the Brooklyn Nets basketball star became one of the major buyers in a $1.35 billion merger agreement last month between SeatGeek and RedBall Acquisition Corporation, a blank check company. On Nov. 3, Reuters revealed that Kevin Durant has launched a $200 million special purpose acquisition company (SPAC), making him the latest celebrity to endorse a blank-check firm. According to Reuters, Durant’s Infinite Acquisition Corp’s initial public offering comes in “amid a chill in the SPAC market, due to tightening accounting guidance and regulatory scrutiny from the U.S. Securities And Exchange Commission.” The SPAC will trade under Ticker symbol “NFNT.U” on the New York Stock Exchange and be co-led by Durant and his longtime manager and business partner Rich Kleiman. LionTree, an investment and merchant banking firm, has also joined the dynamic duo as a sponsor of the SPAC. Infinite Acquisition Corp is set to buy...

Nov 3, 2021

JAY-Z, Roc Nation, Caliva, Left Coast Ventures Form The Parent Company, Close Largest Cannabis SPAC in History

The largest cannabis Special-Purpose Acquisition Company (SPAC) deal in history has closed thanks to hip-hop mogul Jay-Z. Along with this news, Subversive Capital Acquisition Corp. has announced the launch of The Parent Company with Shawn “Jay-Z” Carter, Caliva, Roc Nation, and Left Coast Ventures. Its qualifying transaction now makes The Parent Company, Former Subversive Capital Acquisition Corp., the largest vertically integrated cannabis operation in California. It also makes them the most well-capitalized cannabis company in the U.S. with the position to consolidate and reshape the market not only in California but worldwide. Jay-Z, The Parent Company’s Chief Visionary Officer, will lead brand strategy, and The Parent Company Social Equity Ventures, which is a corporate venture fund that invests in Black and minority-owned cannabis businesses. “This is an incredible time for this industry,” said MONOGRAM founder, Jay-Z. “The end of cannabis prohibition is here, and The Parent...

Jan 19, 2021

Jay-Z Joins Newly-Formed Cannabis Giant TPCO as Chief Visionary Officer

Just a month after Jay-Z launched MONOGRAM with cannabis brand Caliva — where he’s served as chief brand strategist since July 2019 — he’s already made yet another move heading for mogul status within the industry. According to Billboard, Subervisve Capital Acquisition Corp — which has a growing footprint in the cannabis industry — has now acquired two California-based cannabis brands. The end result has landed Jay-Z as the company’s chief visionary officer. In an announcement on Tuesday (Nov. 24), the company revealed the transaction is set to close in January. Acquiring the direct-to-consumer cannabis platform Caliva along with hemp and cannabis producer — Left Coast Ventures — Subversive Capital is ready to take the industry by storm by having the brands combine under a new vertically-integrated cannabis company that will be named TPCO Holding Corp. The deal includes $36.5 million in equity commitments from both existing and new shareholders which include Tuatara Capital,...

Nov 27, 2020