Football great Colin Kaepernick has entered the ballooning word of SPACs, or special purpose acquisitions companies, and will be co-chairman of a new one called Mission Advancement Corp. The sponsor is Najafi Cos. A private investment firm with holdings in consumer, retail, ecommerce, sports, media, and technology and the firm has put together a diverse board of directors including leading filmmaker and activist Ava DuVernay.
According to an SEC filing, the SPAC will target companies worth north of about $1 billion “with a focus on high quality brands with scalable business models and a direct relationship with an established customer base in the United States.” The idea is to identify targets with operations and ESG-related characteristics that align with the partners’ business strategy of supporting companies that currently have or have the potential to generate a positive social impact along with potential to grow and create shareholder value.
ESG – which stands for environmental, social and governance — is one of the fastest growing investment sectors.
SPACs are shell companies that raise money by going public and search for acquisition targets, which then become public companies.
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This article is auto-generated by Algorithm Source: deadline.com
