Mission Advancement Corp., an ESG-focused blank check company formed by Colin Kaepernick and Jahm Najafi targeting the consumer sector, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.
The Phoenix, AZ-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Mission Advancement will command a market value of $313 million.
The company is led by CEO and Co-Chairman Jahm Najafi, who serves as Founder and CEO of The Najafi Companies, a Governor on the Board of the NBA, and co-owner and Vice Chairman of the Phoenix Suns and McLaren F1 Racing. He is joined by Co-Chairman Colin Kaepernick, the founder of Kaepernick Publishing and Ra Vision Media and former quarterback for the San Francisco 49ers, and CFO Peter Keane, who currently serves as CFO of The Najafi Companies.
The SPAC states that Najafi and Kaepernick's commitment to their social mission is reflected in the formation of the independent board, made up of 100% Black, Indigenous and people of color (BIPOC), that has a female majority. The board includes Stacie Olivares of CalPERS, former Beats by Dre CMO and Apple VP Omar Johnson, Birchbox co-founder and CEO Katia Beauchamp, and Google's Head of Global Brand Consumer Marketing Attica Jaques.
The SPAC has several notable advisors, including Ben Horowitz of Andreessen Horowitz; The Honest Company's co-founder Brian Lee; and writer, director and producer Ava Duvernay.
Mission Advancement seeks to identify a business in the consumer sector with an enterprise value north of $1 billion that will benefit from The Najafi Companies’ investment and operational expertise, as well as the strategic involvement of its Co-Sponsor and Co-Chairman, Colin Kaepernick.
Mission Advancement was founded in 2020 and plans to list on the NYSE. It has not selected a symbol yet (RC ticker: MAU.RC). The company filed confidentially on January 21, 2021. Cantor Fitzgerald and Moelis & Company are the joint bookrunners on the deal.
