Civil rights activist and former San Francisco 49ers Quarterback Colin Kaepernick is forming a special purpose acquisition company (“SPAC”) that’s raising $250 million in its initial public offering, according to last Tuesday’s SEC filing. The company, Mission Advancement Corp., is co-founded by Jahm Najafi and plans to acquire an approximately $1 billion company that has the potential to create a positive social and cultural impact. Jahm Najafi is an Iranian-American businessman who runs Najafi Companies, a Phoenix-based private-equity firm, and is partial owner of the Phoenix Suns NBA team.
According to the regulatory filing, a target hasn’t been identified yet, but the filing indicates they’re looking for a business that reflect three themes: “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.”
Furthermore according to the filing, Mission Advancement Corp. will leverage Kaepernick’s brand marketing and investment experience with his “mainstream popularity, massive reach and high-profile relationships” to attract investors and, after making the acquisition, he intends to remain hands-on as an owner, board member and global ambassador. “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,” states the filing. “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.”