Colin Kaepernick leads a group that takes a public company without verification, while the former San Francisco quarterback 49ers activist tries to bring the causes of social justice to the booming SPAC industry.
Mr Kaepernick will serve as co-chair of Mission AdvancementCorp., Which will try to raise up to $ 287.5 million in an initial public offering, according to documents submitted to the Securities Commission on Tuesday.
Mission Advancement states that it will highlight the racial and diversity issues that Mr Kaepernick has promoted on and off the ground through his investments in environmental, social and growing governance. It aims to target consumer businesses with a business value of more than $ 1 billion.
Mission Advancement will be co-chaired by Jahm Najafi, who runs private equity firm Najafi Companies and is a minority owner in the Phoenix Suns in the NBA. Together, they lead a council made up of mostly female members and 100% blacks, natives and people of color. Other board members include Katie Beauchamp, CEO and co-founder of Birchbox, and Omar Johnson, a former executive at Apple and Beats by Dre.
The money for sponsorship comes from Najafi companies and Mr. Kaepernick and intends to invest in a business that “has a significant financial, cultural and social impact,” according to the record.