Colin Kaepernick is the leader of a group that makes a blank check business public as the former San Francisco 49ers quarterback activist tries to bring his social justice into the booming space industry.
Mr. Kaepernick will serve as co-chair of Mission AdvancementCorp, which wants to raise up to $ 287.5 million in an initial public offering, according to documents filed with the Securities and Exchange Commission on Tuesday.
Mission Advancement says it will focus on the racial and diversity issues that Mr. Kaepernick has worked on and off the field through his investment in the growing investment field for the environment, social and management. The goal is to target consumer businesses with an enterprise value of more than $ 1 billion.
Mission Advancement is run with Jahm Najafi, who runs the private equity firm Najafi Companies and is a minority owner in the Phoenix Suns of the NBA. Together they lead a board consisting of members who are majority female and 100% black, indigenous and colored people. Other board members include Katie Beauchamp, CEO and co-founder of Birchbox, and Omar Johnson, a former CEO at Apple and Beats at Dre.
The bail money comes from Najafi Companies and Mr. Kaepernick, and they plan to invest in a business that, according to the filing, ‘will have a significant financial, cultural and social impact’.