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Mission Advancement Corp.

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Colin Kaepernick Ventures Into SPAC Game, Aims to Acquire a $1B Firm With Social and Cultural Impact

Former NFL quarterback and social activist Colin Kaepernick is the latest public figure to form a special purpose-acquisition company (SPAC) seeking to raise upwards of $250 million to create a positive social and cultural impact. According to a filing with the Securities and Exchange Commission, Kaepernick is the co-sponsor and co-chairman of Mission Advancement Corp., — a blank check company that aims to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses — which is also working in partnership with Jahm Najafi of private equity firm The Najafi Cos. Mission Advancement Corp’s overall mission for this move is to focus on resolving racial injustice and diversity issues, while it also aims to acquire a consumer business with an enterprise value around $1 billion, MarketWatch shares. “The mission of the Najafi/Kaepernick partnership is to identify, acquire and advance a company with the...

Feb 16, 2021