Christmas has come early this year in the form of a new SPAC deal. InfiniteWorld announced yesterday it will merge with Aries I Acquisition Corporation in a deal that will value the startup at around $700 million, per company calculations.
Another day, another SPAC deal. We know. But this time we’re talking metaverse, so we have no choice but to take a look.
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In the wake of Facebook deciding that its original product remit was too narrow, something solved by declaring itself a metaverse company, the phrase has been inescapable. The metaverse might be a somewhat squidgy term — it’s something involving digital, community, commerce and having a second online existence — but it’s hot around the tech world.
That makes it unsurprising that a company working on the theme has found a blank-check company willing to merge.
What’s InfiniteWorld and what does it do? A grand question; I had no idea. Happily, the company’s investor deck helps a bit.
Let’s look at the deal, what the metaverse company sells, and then discuss its somewhat humorous financial projections. To say that InfiniteWorld is a nascent commercial enterprise is an understatement, and in a world where many crypto companies are scaling to huge revenues, it stands out as a low-income concern.
To date, that is. InfiniteWorld has huge projections. Let’s talk about it.
Infinite Assets, Inc., better known as InfiniteWorld, is merging with Aries I Acquisition Corporation. Aries I is listed on the Nasdaq under the ticker symbol “RAM.” As of this morning, the company is trading at roughly $10 per share, having regained modest lost ground since its midyear IPO.
Another day, another SPAC deal. We know. But this time we’re talking metaverse, so we have no choice but to take a look.
The Exchange explores startups, markets and money.
Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday.
In the wake of Facebook deciding that its original product remit was too narrow, something solved by declaring itself a metaverse company, the phrase has been inescapable. The metaverse might be a somewhat squidgy term — it’s something involving digital, community, commerce and having a second online existence — but it’s hot around the tech world.
That makes it unsurprising that a company working on the theme has found a blank-check company willing to merge.
What’s InfiniteWorld and what does it do? A grand question; I had no idea. Happily, the company’s investor deck helps a bit.Let’s look at the deal, what the metaverse company sells, and then discuss its somewhat humorous financial projections. To say that InfiniteWorld is a nascent commercial enterprise is an understatement, and in a world where many crypto companies are scaling to huge revenues, it stands out as a low-income concern.
To date, that is. InfiniteWorld has huge projections. Let’s talk about it.
The deal
Infinite Assets, Inc., better known as InfiniteWorld, is merging with Aries I Acquisition Corporation. Aries I is listed on the Nasdaq under the ticker symbol “RAM.” As of this morning, the company is trading at roughly $10 per share, having regained modest lost ground since its midyear IPO.