An infrastructure platform for metaverses and NFTs InfiniteWorld will go public on Nasdaq via 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 anticipated valuation of the new company is $700 million. The securities will carry the ticker JPG. The deal is expected to close in the first half of 2022.
InfiniteWorld shareholders will own about 74.5% of the merged company and up to 81% if certain stock-price targets are met, with the share price ranging from $15 to $25 per share.
According to the statement, this move will accelerate platform development and expand partnerships with brands.
InfiniteWorld helps brands create and monetise digital assets and NFTs, as well as engage with consumers and fans.
Earlier, the metaverse platform Zepeto from leading South Korean internet company NAVER Corporation raised $150 million from SoftBank.
In December, the investment company Sfermion raised $100 million to build a metaverse. For the same purpose, the KuCoin bitcoin exchange launched a $100 million fund.
Grayscale has forecast that the annual revenue of the Web 3.0 metaverse sector could reach $1 trillion.
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