The IPO market is hot, but the same can’t be said for the SPAC market. Nonetheless, the SPAC market is filled with celebrities left and right, with the notable ones being Hall of Fame basketball player Shaquille O’Neal, retired baseball star Alex Rodriguez, and former House Speaker Paul Ryan. This unique investment vehicle has attracted a lot of hype, and one that has been floating around in the news is former NFL player Colin Kaepernick’s SPAC Mission Advancement Corp, but for the wrong reasons.
It was announced that Colin Kaepernick declined a deal with The Change Co, a company focused on lending to underrepresented minorities who can’t access large banks. There was growing steam regarding the deal as talks were occurring, and for good reason too. Kaepernick is most known for his controversial action of kneeling during the pregame anthem to protest police brutality, which led to his controversial departure from the league. Kaepernick is known to be one of the high-profile activists in today’s world, so this deal looks good on paper. It might’ve looked good financially too, but there was one thing that led to the “no deal” decision. According to the Wall Street Journal, Change executives wanted Kaepernick to promote the company on national television through ‘Good Morning America’, which he didn’t like. Kaepernick isn’t one to appear on national television, instead doing his activism in a more subtle fashion. Either way, the deal is a no go, with Mission Advancement looking for other clients, and it marks another miss in the SPAC market. What do you think about this?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.