A SPAC deal involving Colin Kaepernick has fallen apart.
Stunningly, the reason was that he didn’t want to do interviews to pitch the idea.
Just like his career as a professional football player, a SPAC deal involving former San Francisco 49ers Quarterback Colin Kaepernick, who was infamously blacklisted from the league for taking a knee during the National Anthem, has fallen apart.
Is this another case of Kaepernick being punished for shining a light on America’s racial disparities? Before anybody rushes to judgment, the answer is a definite ‘no’. The real reason, according to the WSJ reporters who broke the story, is that Kaepernick balked at demands by executives in the target company that he stump for the merger by sitting for interviews, including on “Good Morning America”, and with ABC’s George Stephanopoulos.
Because of this, the deal is officially “dead”.
Some background information on the deal.
Former NFL star Colin Kaepernick has teamed up with a private equity investor to form a blank-check company, making him the latest athlete to jump on Wall Street’s hottest trend.
The quarterback-turned-activist is the co-chairman and co-sponsor of Mission Advancement Corp., a social justice-focused special purpose acquisition company. These publicly traded companies, also known as SPACs, raise money to buy or merge with another business that then takes over the SPAC’s stock listing.
Mission Advancement is looking to raise up to $287 million with the goal of acquiring a billion-dollar, consumer-focused company with the potential to “generate a positive social impact,” according to the investment prospectus it filed with the Securities and Exchange Commission.
“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,” the prospectus reads.
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