Former NFL quarterback-turned activist Colin Kaepernick is charging into the Wall Street Special Purpose Acquisition Company, or SPAC, frenzy - with an eye towards helping support social justice causes.
The SPAC, called Mission Advancement, will issue 25 million units at $10 each. Each unit is made up of one share and one-third of one redeemable warrant, according to a filing with the Securities and Exchange Commission. Each warrant entitles the holder to purchase one share at $11.50.
Kaepernick, a civil rights activist known for “taking the knee” during the U.S. national anthem at the start of NFL games in protest of police brutality and racial inequality when he played for the San Francisco 49ers, is co-sponsoring the SPAC with Jahm Najafi, who runs private-equity firm Najafi Cos., according to the filing.
Both men will identify 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., the filing said.
“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, Najafi Cos. 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.
SPACs have actually been around for a while but have recently picked up popularity due to the advantages of taking companies public via SPACs.
Check out TheStreet's SPAC Tracker for the latest details on SPAC offerings.