Kaepernick-Backed Social Justice SPAC Underwhelms in Debut

Mission Advancement Corp., a company co-sponsored by former NFL quarterback-turned activist Colin Kaepernick, was little changed and thinly traded in its debut after boosting its initial public offering to raise $300 million.

Shares of the blank-check firm, which boasts of a board made up entirely of “Black, Indigenous and people of color,” were flat at $10.01 Wednesday in New York. The market’s bland reception of the special purpose acquisition company gave it a market value of less than $400 million.