Colin Kaepernick forms a SPAC
Former NFL quarterback Colin Kaepernick on Tuesday disclosed that he has formed a blank-check company that will seek to raise $250 million in an IPO.
Why it matters: Kaepernick hasn't played pro football since 2016, but has remained a cultural lightning rod — either loved or loathed for his social activism, including his strong support of the Black Lives Matters movement.
Details: The SPAC is called Mission Advancement Corp., and designed to acquire a company at "the intersection of consumer and impact."
- Kaepernick is the SPAC's co-chair and co-sponsor, and is working in partnership with venture capital firm The Najafi Companies.
- Directors include Attica Jaques, Google's head of global brand consumer marketing, and Katia Beauchamp, co-founder and CEO of Birchbox.