Infrastructure developer for the metaverse and NFT InfiniteWorld will go public on the Nasdaq exchange through a merger with SPAC Aries I Acquisition Corp.
We’re pleased to share that InfiniteWorld has entered into a definitive agreement for a business combination with Aries I Acquisition Corporation (NASDAQ: RAM) that is expected to result in InfiniteWorld becoming a publicly-traded company listed on the Nasdaq Global Select Market
– InfiniteWorld (@infinitebysuku) December 13, 2021
The estimated capitalization of the new company is $ 700 million. The securities will receive the JPG ticker. The deal is scheduled to close in the first half of 2022.
InfiniteWorld shareholders will own approximately 74.5% of the combined company and a maximum of 81% upon meeting certain benchmark share prices ranging from $ 15 to $ 25 per unit.
The move will accelerate platform development and expand brand partnerships, according to the statement.
InfiniteWorld helps the latter create and monetize digital assets and NFTs, and interact with consumers and fans.
Earlier, metaverse platform Zepeto from leading South Korean internet company NAVER Corporation raised $ 150 million from SoftBank.
In December, investment company Sfermion received $ 100 million to create the metaverse. For the same purpose, the bitcoin exchange KuCoin launched a $ 100 million fund.
Recall that Grayscale predicted the growth of the annual revenue of the Web 3.0 metauniverse sector to $ 1 trillion.
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