Metaverse infrastructure platform Infinite Assets, also known as InfiniteWorld, will go public in a merger with special purpose acquisition company (SPAC) Aries I Acquisition Corp.
According to the companies, the combined company will have a pro-forma equity value of $700 million. In addition will trade on the Nasdaq under the “JPG” symbol. During the first half of next year, the deal should be complete.
InfiniteWorld helps brands create and monetize digital assets and NFT
InfiniteWorld assists brands in the creation and monetization of digital assets and non-fungible tokens (NFTs), as well as customer and fan engagement. According to the company, it has partnered with more than 75 creators and brands. In addition it recently merged with strategic partner DreamView. Started by the team behind Lucasfilm’s and Disney’s computer-generated imagery (CGI).
“We are witnessing the birth of a new global asset class and economic system with up to $15 trillion of wealth predicted to migrate into digital assets over the next 10 years,” Aries Chairman Thane Ritchie said in a statement. “The outstanding technology infrastructure of InfiniteWorld exemplifies the transformation of trade to the digital world.”
The transaction will give up to $171 million in capital, which will include cash held by both firms as well as $93 million in InfiniteWorld-owned cryptocurrencies. InfiniteWorld stockholders will own roughly 75% of the merged firm. With the potential to increase to 81 percent provided certain share price benchmarks are met.
InfiniteWorld expects the deal to accelerate its platform development and expand brand partnerships.
CEO Yonathan Lapchik, a Deloitte Blockchain Lab veteran and co-creator of the SUKU blockchain ecosystem, will lead the company. Former DreamView CEO Nathaniel Hunter will take over as chief operations officer.
Morgan Creek Digital, GSR, and Wintermute, among others, have previously invested in InfiniteWorld.