Colin Kaepernick SPAC loses lucrative business deal with a social justice-driven lender

Colin Kaepernick, a former NFL quarterback, who is now an activist, lost out on a profitable business deal with a social justice-driven lender, after refusing to promote the business on national television.

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As well as for other interviews in the past, Kaepernick refused an appearance for an interview with George Stephanopoulos on “Good Morning America” where he could have actually promoted the minority-focused lender.

Questions were asked about how much companies can benefit from partnering with the former quarterback after the failure of Kaepernick’s special-purpose acquisition company (SPAC) Mission Advancement Corp. to finalize a deal with The Change Company, a lender that prioritizes serving minority borrowers.

Steve Sugarman, Change Company CEO said in a statement after the deal has broken down that “the Change Company would proudly consider a partnership with Mr. Kaepernick yesterday, today, or tomorrow.”

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Sugarman also wrote in an email to Mission Advancement Corp. executives where he was even more direct. “There is a real question about whether there is [a] halo effect that translates into investor dollars. We need to question that assumption.”

Kaepernick and his partner at Mission Advancement Corp., Jahm Najafi would have earned a fortune if the deal had gone through, as they would have received founders shares worth $80 million in the new company.

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