Kaepernick jumps aboard Wall Street SPAC craze in social justice venture that plans to raise $250M

Former NFL quarterback Colin Kaepernick is back in the news once again and reportedly plans to raise $250 million in an initial offering for a special purpose acquisition company (SPAC) that will make social justice issues as well as racial equality its primary focus.

The name of the SPAC, which is also referred to as a blank-check company, is Mission Advancement Corp. The company will hunt for a firm worth in excess of $1 billion that already has a stable customer base and a growing presence in U.S. markets.


In an SEC filing on Tuesday, Mission Advancement Corp. stated that their mission was to “invest in and grow a business in a way that delivers a significant impact financially, culturally and socially,” Fox Business reported.

Although the company’s target is unknown for now, they are focusing on three separate areas, according to The Hollywood Reporter: “I. Consumers are investing in brands that reflect their social values and recognize that purchasing decisions can act as instruments of change. II. Companies are becoming more mission-driven and seeking to align with culturally relevant social causes. III. Brands are evolving into media platforms, enabling authentic cultural and celebrity influencers to help drive awareness, marketing exposure, and value.”

Video Credit: CNBC Television

Kaepernick is reportedly teaming up with investor Jahm Najafi who is part owner of the NBA’s Phoenix Suns. The former quarterback and social justice activist will act as co-sponsor and co-chair. In essence, he will be the face of the company and will leverage his connections with brands such as Nike, Ben & Jerry’s Ice Cream, Netflix, and Walt Disney to promote the company’s agenda.

It is being reported that Kaepernick plans to be a “highly engaged owner” once the acquisition is complete. In an effort to help the newly acquired venture remain profitable and keep it sustainable, he will reportedly not take contractual upfront payments.

Kaepernick’s company stands out in that its board is reportedly comprised of black, Indigenous, and minority members. It also ostensibly boasts a female majority.

The Hollywood Reporter noted that the board of the company reportedly includes “Ava DuVernay, Birchbox founder Katia Beauchamp, former Beats by Dre CMO Omar Johnson, Google’s head of global brand-consumer marketing Attica Jacques and Brian Lee, who co-founded The Honest Company with Jessica Alba and ShoeDazzle with Kim Kardashian.”

“Najafi and Kaepernick’s commitment to their social mission is reflected in the formation of the independent board, made up of 100 percent Black, Indigenous and people of color (BIPOC) and has a female majority,” the SEC filing confirms. “In addition, our team has indicated an intent to launch an initiative in connection with the consummation of our initial business combination to provide opportunities for college students from underrepresented communities to gain access to fellowships and full-time opportunities in business and finance.”

The filing also states: “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.”

Also on the executive team are Cantor Fitzgerald & Co. as well as Moelis & Co. who are operating as joint managers. Loop Capital Markets will be the lead manager in the operation.

Kaepernick is the latest high-profile athlete to hop on board the SPAC train in this Wall Street craze. Former MLB All-Star Alex Rodriguez is looking to raise $500 million to assist Slam Corp. as well. Shaquille O’Neal has also joined the game in his own venture named Forest Road Acquisition Corp.

SPACs are now leading the way for companies to go public.

Fox Business is reporting that the “229 SPACs that debuted in 2020 raised $76 billion, or 59% of all U.S. IPO funds, according to Goldman Sachs. That was up from the 52 SPACs that raised $13 billion in proceeds in 2019.”

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