Kaepernick-Backed Social Justice SPAC Underwhelms in Debut
Mission Advancement Corp., a company co-sponsored by former NFL quarterback-turned activist Colin Kaepernick, was little changed and thinly traded in its debut after boosting its initial public offering to raise $300 million.
Shares of the blank-check firm, which boasts of a board made up entirely of “Black, Indigenous and people of color,” were flat at $10.01 Wednesday in New York. The market’s bland reception of the special purpose acquisition company gave it a market value of less than $400 million.
The company, which is in part run by Jahm Najafi, who heads private-equity firm Najafi Companies, sold 30 million units for $10 apiece Tuesday. The pair will focus on diversity issues and racial justice and aim to acquire a consumer company with an enterprise value around $1 billion.
A representative for Mission didn’t reply to a request for comment.
Wednesday’s debut for Kaepernick’s SPAC, marked the second former-professional athlete-backed blank check company to go public in the last 10 days. Former Yankee all-star Alex Rodriguez’s Slam Corp. rose 5.1% in its first day of trading on Feb. 23, but has since trimmed gains to just 0.9%.
For comparison, A-Rod’s SPAC had roughly 24.5 million shares traded in its first session compared to 13.9 million for Kaepernick’s.
— With assistance by Crystal Kim
(Updates share movement throughout, adds trading volume in final paragraph.)