Now, it seems everyone has a SPAC, or a “blank check company.” Even Colin Keapernick.
Kaepernick wants his SPAC acquisition targets to be all about social justice, and he wants Wall Street to invest $250 million in his new venture.
What’s a SPAC you ask? It’s a special purpose acquisition company. It’s also known as a shell corporation designed to find acquisition targets and take the companies public.
2020 was a record year for the formation of SPACS — and they took 112 companies public through SPAC IPOs.
Colin Keapernick is the latest to join the trend.
The former San Francisco 49ers quarterback, who is most known for “taking a knee” during the National anthem to protest systemic racism, is working with the private equity firm Najafi Companies run by Jahm Najafi. Together, they are creating “Mission Advancement” to focus on racial justice and diversity issues. They aim to acquire a consumer business with an enterprise value of $1 billion.
Mission Advancement’s SPAC board is made up entirely of minorities. According to the SPAC’s filing, Kaepernick is viewed as a huge asset to its cause. “We believe Mr. Kaepernick’s substantial business experience, combined with his longer term leadership on racial equity and justices issues will support our success in identifying a prospective target company and adding transformational value to the combined entity.”
It also stresses Keapernick’s “global marketability, massive audience, and ability to positively impact culture.”