Per an SEC, former San Francisco 49ers QB Kaepernick who took a knee during the national anthem to protest systemic racism and hasn’t played a down in the NFL since 2016 — is the co-sponsor and co-chairman of Mission Advancement Corporation, working in tandem with private equity firm The Najafi Cos. Mission Advancement will look to focus on racial justice and diversity issues, and aims to acquire a consumer business with an enterprise value around $1 billion.
“The mission of the Najafi/Kaepernick partnership is to identify, acquire and advance a company with the aim of creating meaningful financial and societal value,” the filing said. “We believe Mr. Kaepernick’s substantial business experience combined with his long-term leadership on racial equity and justice issues will support our success in identifying a prospective target company and adding transformational value to the combined entity.” DoorDash Gobbles Up Robotic Food-Prep Company Chowbotics
The filing noted Kaepernick has worked with global brands such as Nike [$NKE], Disney [$DIS], Netflix [$NFLX], Apple’s [$AAPL] Beats by Dre, Medium, Electronic Arts [$EA], Amazon’s [$AMZN], Audible, and Ben & Jerry’s in recent years. As a delineation of its mission, the company’s board of directors is 100% Black, Indigenous and people of color, and is majority female. Directors include Google marketing executive Attica Jaques, former Apple executive Omar Johnson and Birchbox co-founder and CEO Katia Beauchamp.
SPACs are blank-check companies that have gone bonkers in recent years. They’re essentially empty-shell companies that look for a company to acquire and take public, in a process quicker than a traditional IPO. So far this year, there have been 131 SPACs that have raised a collective $39.9 billion. That’s already about half as many SPACs as in all of 2020. Hey Glu Mobile, EA is the Captain Now
Last week, 23andMe said it will go public via a merger with a SPAC owned by Richard Branson, and hedge fund Elliot Management is reportedly considering a SPAC. Billionaire investor Sam Zell on Tuesday said the SPAC craze reminds him of the late 1990s. “This is rampant speculation again, very much like the dot-com boom.”