Colin Kaepernick leads a group that brings a blank company to the stock market, while the former San Francisco 49ers-turned-activist quarterback tries to bring his social justice goals to the thriving SPAC industry.
Mr. Kaepernick will serve as the co-chair of Mission AdvancementCorp., Which will seek to raise up to $ 287.5 million in an initial public offering, according to documents filed Tuesday with the Securities and Exchange Commission.
Mission Advancement says it will highlight the racial and diversity issues that Mr. Kaepernick has defended on and off the field through his investment in the growing environmental, social and governance investment field. It targets consumer businesses with an enterprise value of more than $ 1 billion.
Mission Advancement is 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 consisting of members who are predominantly female and 100% black, indigenous and colored. 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.
The sponsorship money will come from Najafi Companies and Mr. Kaepernick, and they plan to invest in a company that will have “significant financial, cultural and social impact,” the filing said.