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.