Infinite Assets (InfiniteWorld), a Metaverse infrastructure platform is going public. The company merged with a special purpose acquisition company (SPAC) Aries I Acquisition Crop.
The merger will have a pro forma equity valued at $700 million. It will be traded on the Nasdaq under the “JPG” ticker, the companies announced in a statement Monday. The deal will close by mid-2022.
Infinite Assets serves companies that want to monetize digital assets and NFTs (non-fungible tokens) and engage with fans. The technology company said it has made partnerships with more than 75 creators and brands. It recently combined with strategic partner Dreamview — a firm that was founded by the team responsible for computer-generated imagery (CGI) technologies at Disney and Lucasfilm.
“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 deal will deliver $171 million in funds. It includes the cash held by both companies and InfiniteWorld-owned cryptocurrencies currently valued at $93 million. Stockholders of InfiniteWorld will own 75% of the combined company and up to a maximum of 81% if a certain share price milestone is achieved.
InfiniteWorld is expecting the transaction to further accelerate its platform development and expand 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 DreamView, will become a chief operating officer.
Previous investors in InfiniteWorld include investment firm Morgan Creek Digital, trading firm GSR and liquidity provider Wintermute.