Business
Former quarterback Kaepernick forms SPAC to drive social causes
Kaepernick has joined forces with private-equity investor Jahm Najafi and will seek to raise around $250 million by taking the SPAC public.
Bloomberg | Former NFL quarterback-turned activist Colin Kaepernick is co-sponsoring a blank check company that intends to target companies with an enterprise value “north of approximately US$1 billion” that focus on high quality brands and have an established customer base in the U.S., according to a filing with the Securities and Exchange Commission (SEC).
Kaepernick will co-chair the company with Jahm Najafi, who runs private-equity firm Najafi Companies. Both of them will identify a business in the consumer sector that delivers “a significant impact, financially, culturally and socially.”
The blank check company, known as Mission Advancement, will issue 25 million units at US$10 each. Each unit is made up of one share and one-third of one redeemable warrant.
Each warrant entitles the holder the purchase one share at US$11.50.
“We believe Mr. Kaepernick’s substantial business experience combined with his long-term leadership on racial equity and justice issues will support our success in identifying a prospective target company and adding transformational value to the combined entity”, Mission Advancement said in the filing.
The company said Kaepernick possesses a vast network of “high-profile and supportive relationships” which will provide meaningful advantages to successfully source attractive deals.
Post-business combination, the Najafi Companies and Kaepernick will remain actively involved in the target company.
Andreessen Horowitz Co-founder Benjamin Horowitz and Emmy-award winning director Ava DuVernay will serve as board advisers.
