Colin Kaepernick Unveils Goal To Acquire $1 Billion Company

The Star-Spangled Banner dominated headlines across the world of sports and so did Colin Kaepernick, but the two were not connected this time around. The NBA dealt with its own unique national anthem issues while Colin Kaepernick was making business moves. The former San Francisco 49ers quarterback informed that he was forming a special-purpose acquisition company with Phoenix-based businessman Jahm Najafi. The duo is planning to raise $250 million for the initial public offering. Their ultimate goal is to acquire a company worth north of $1 billion dollars and use it to make a significant cultural impact.

Kaepernick and Najafi have already gotten off to a fast start. Their SPAC, Mission Advancement Corp., already has the support of Ava DuVernay, Beats by Dre's Omar Johnson, Google's Attica Jacques and several others.

"Najafi and Kaepernick’s commitment to their social mission is reflected in the formation of the independent board, made up of 100 percent Black, Indigenous and people of color (BIPOC) and has a female majority," the group told the SEC.

"In addition, our team has indicated an intent to launch an initiative in connection with the consummation of our initial business combination to provide opportunities for college students from underrepresented communities to gain access to fellowships and full-time opportunities in business and finance."

Kaepernick is not the first figure in the world of sports to start a SPAC. Alex Rodriguez, Shaquille O'Neal, Tilman Fertita and Billy Beane have all started SPACs over the last few years. These popular companies are shell companies put together with the hopes of raising funds, merging with larger companies and then going public on the stock market. Investors who bought in initially can then retrieve their initial investments or acquire stocks of the newly formed company.

"What you're doing is throwing money out there — and hoping to find an idea," former Dallas Federal Reserve Richard Fischer told CNN.

Photo Credit: Getty Images

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