Originally published by Melissa Cheok, Bloomberg
Former NFL quarterback-turned activist Colin Kaepernick is co-sponsoring a blank check company that intends to target companies with an enterprise value “north of approximately $1 billion” that focus on high quality brands and have an established customer base in the U.S., according to an SEC filing.
- Kaepernick will co-chair the company with Jahm Najafi, who runs private-equity firm Najafi Companies. Both of them will identify a business in the consumer sector that delivers “a significant impact, financially, culturally and socially.”
- The blank check company, known as Mission Advancement, will issue 25 million units at $10 each. Each unit is made up of one share and one-third of one redeemable warrant. Each warrant entitles the holder the purchase one share at $11.50.
- “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” Mission Advancement said in the filing.
- The company said Kaepernick possesses a vast network of “high-profile and supportive relationships” which will provide meaningful advantages to successfully source attractive deals.
- Post-business combination, the Najafi Companies and Kaepernick will remain actively involved in the target company.
- Andreessen Horowitz Co-founder Benjamin Horowitz and Emmy-award winning director Ava DuVernay will serve as board advisers.
- Earlier, Colin Kaepernick, a Civil Rights Trailblazer: Bloomberg 50