InfiniteWorld, also called Infinite Assets, the Metaverse infrastructure platform, is set to go public in the new $700 million SPAC merger. The Special Purpose Acquisition Company Aries I Acquisition Corp. Is entering the deal with Infinite World.
In a statement issued by the companies on Monday, they said that the Pro-forma equity value of the two companies together would be $700 million. It will register and trade on NASDAQ under the JPG ticker. The deal is to be completed by the first half of next year.
“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. InfiniteWorld’s unparalleled technology infrastructure underscores the transition of commerce to the digital world.” Aries Chairman Thane Ritchie said in a statement.
InfiniteWorld helps the brands create and monetize digital assets and NFTs (Non-fungible tokens). It also helps the brands in engaging with consumers and fans.
The transaction in the deal will be done using up to $171 million in funds. This will include the cash held by the two companies and the cryptocurrencies owned by InfiniteWorld, worth around $93 million. The InfiniteWorld stockholders get approximately 75% of the combined company’s shares, and this can also increase up to a maximum of 81% if some share price milestones are achieved.
CEO Yonathan Lapchik, a Deloitte Blockchain Lab veteran and co-creator of SUKU- a blockchain ecosystem, will lead the combined company. Nathaniel Hunter, former CEO DreamView, will become the COO (Chief Operating Officer).