A new special purpose acquisition company (SPAC) filed for its initial public offering (IPO) on Tuesday. And at the forefront of it is former NFL quarterback Colin Kaepernick — making it the Colin Kaepernick SPAC.
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That said, let’s take a look at some important pieces from this news.
- Mission Advancement Corp., a blank-check SPAC, filed with the Securities and Exchange Commission (SEC) to raise up to $250 million in its IPO.
- The firm plans on achieving this goal by offering 25 million units at $10 each.
- Moreover, the company specified that “each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50.”
- If completed, this move would value Mission Advancement at $313 million.
- According to the release, Kaepernick will be a co-chairman and joined by CEO and Co-Chairman Jahm Najafi.
- Najafi is the founder and CEO of The Najafi Companies.
- Additionally, Najafi has his hand in both the NBA and Formula 1 Racing.
- Also on the management team is Peter Keane, who will act as CFO of Mission advancement and is currently the CFO of The Najafi Companies.
- Overall, Mission Advancement is an environmental, social and governance (ESG)-focused firm.
- The goal of the Colin Kaepernick SPAC is to “identify a business in the consumer sector with an enterprise value north of $1 billion that will benefit from The Najafi Companies’ investment and operational expertise, as well as the strategic involvement of its Co-Sponsor and Co-Chairman, Colin Kaepernick.”
- The company was founded in 2020, and has not selected a ticker symbol at this point.
Another important bit from this release is that the board is made up of 100% Black, Indigenous and people of color (BIPOC) and has a female majority.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.
