Kaepernick SPAC Deal With The Change Co. Fizzles

Colin Kaepernick’s deal to buy a company with his SPAC, Mission Advancement Corp., has now been killed, The Wall Street Journal (WSJ) writes.

The SPAC was potentially looking at The Change Company, which focuses on minority borrowers that have been underserved by traditional banks.

Kaepernick, who has become known for social justice activism, seemed like a fit for a partnership with them.

The deal has not been going well, though – Kaepernick has been reluctant to speak about the merger on live TV. He reportedly didn’t want to go on “Good Morning America” and speak about the matter there, or in other interviews.

Because of all of that, the deal isn’t going forward now.

Stephen Sugarman, CEO of The Change Company, said the company “would proudly consider a partnership with Mr. Kaepernick — yesterday, today, or tomorrow.” Sugarman also praised the quarterback’s racial justice activism.

Mission Advancement went public in March, raising $345 million to buy a company with socially conscious leanings. Kaepernick, who became known for kneeling during the national anthem to protest police brutality, became the co-chairman of Mission Advancement. The other co-chair is Jahm Najafi, who runs a private equity fund and is a minority owner in the Phoenix Suns.

While Mission had focused its efforts on Change by early fall, and had been working on the deal, the unknown factor was how Kaepernick would leverage his celebrity status to move the deal along.

Kaepernick’s appearance on TV would have been “out of character,” as he has never spoken about his own activism in a forum like that. He’s granted few interviews and has mostly focused on social justice initiatives and scripted appearances.

PYMNTS writes that Kaepernick’s SPAC leadership was intending to target consumer businesses with enterprise values over $1 billion, seeking $287.5 million in an IPO.

See also: SPAC Goes the Quarterback: Kaepernick Files to Create Socially Conscious SPAC

PYMNTS added that the board members are mostly female and 100 percent Black, indigenous and people of color.