Kaepernick will be the new co-chair of Mission Advancement, which WSJ reported will “emphasize the racial and diversity issues Mr. Kaepernick has championed on and off the field” by investing in the environmental, social and governance arenas, looking to target consumer businesses with enterprise values of over $1 billion. The company will seek $287.5 million in an initial public offering (IPO).
Jahm Najafi, who runs the private-equity firm Najafi Companies and is a minority owner in the NBA’s Phoenix Suns, will co-chair the company, WSJ reported.
The members of the board are majority-female and 100 percent Black, indigenous and people of color, WSJ reported.
Kaepernick is joining a throng of new SPAC companies, a trend blowing up over the past year or so. The model is focused on going public without all the usual methods and processes for an IPO.
Kaepernick is a former NFL player who gained notoriety for kneeling during the national anthem to protest police brutality in the U.S. He settled a multimillion-dollar grievance that alleged the NFL and its 32 teams conspired to keep him from playing after that.
He’s kept busy since then by partnering with Disney to produce content related to the social issues he’s spoken about, joined Medium’s board of directors, and teamed with Ben & Jerry to roll out a vegan ice cream called “Colin Kaepernick’s Change the Whirled.” He’s also had a Netflix series about his youth.
Kaepernick isn’t the first celebrity to attach his name to a SPAC. Former Yankees all-star third baseman Alex Rodriguez has also, PYMNTS reported, as have baseball executive Billy Beane (of “Moneyball” fame), former astronaut Scott Kelly, basketball luminary Shaquille O’Neal, former Speaker of the House Paul Ryan and billionaire David Geffen.