Colin Kaepernick is leading a group that goes public with a blank check company, while the former San Francisco 49ers defender who became an activist tries to bring his social justice causes to the growing SPAC industry.
Kaepernick will serve as co-president of Mission AdvancementCorp., Which will seek to raise up to $ 287.5 million in an initial public offering, according to documents filed with the Securities and Exchange Commission on Tuesday.
Mission Advancement says it will emphasize the racial and diversity issues that Kaepernick has championed on and off the field through his investment in the growing field of environmental, social and governance investment. Its goal is to reach consumer companies with a business value of more than $ 1 billion.
The Mission Advancement will be co-chaired by Jahm Najafi, who runs the private equity firm Najafi Companies and is a minority owner of the NBA’s Phoenix Suns. Together, they lead a council made up of mostly female and 100% black, indigenous and black members. Other board members include Katie Beauchamp, CEO and co-founder of Birchbox and Omar Johnson, a former executive at Apple and Beats by Dre.
The sponsorship money comes from Najafi Companies and Mr. Kaepernick, and they intend to invest in a business that “has a significant financial, cultural and social impact,” according to the document.