Former NFL quarterback Colin Kaepernick has reportedly formed a Special Purpose Acquisition Company (SPAC) called Mission Advancement that seeks to invest in businesses “in the consumer sector that deliver ‘a significant impact, financially, culturally and socially’ that focus on high-quality brands and have an established customer base in the U.S.”:
Former NFL quarterback-turned activist Colin Kaepernick is charging into the Wall Street SPAC frenzy, co-chairing a company called Mission Advancement. https://t.co/2aXJTTMPPr
— TheStreet (@TheStreet) February 10, 2021
This woke SPAC seeks to raise $287.5 million in an initial public offering of securities (IPO):
Colin Kaepernick forms SPAC designed to acquire a company at "the intersection of consumer and impact."
Looking to raise $287.5 million in IPO.https://t.co/Gq1tdgadeG
— wallstreetbets mod (@wsbmod) February 10, 2021
“Seinfeld forms a SPAC about nothing. Looking to raise $300 million in IPO.”
— Boomieleaks (@Boomieleaks) February 10, 2021
Kaepernick has partnered with private-equity investor Jahm Najafi. From the WSJ:
Mission Advancement will be co-chaired by Jahm Najafi, who runs the private-equity firm Najafi Companies and is a minority owner in the NBA’s Phoenix Suns. Together, they lead a board that is made up of members who are majority female and 100% Black, indigenous and people of color. Other board members include Katie Beauchamp, the CEO and co-founder of Birchbox and Omar Johnson, a former executive at Apple and Beats by Dre.
He should invest in David Hogg’s pillow company.