What Happened to Mission Advancement?
Ticker: MACUSPAC Year: 2021
Return
0.0%
Current Price
$0
Peak Price
$10
Trust Size
$250M
Summary
Colin Kaepernick's SPAC raised $250 million but failed to find a target company. It liquidated and returned cash to shareholders â ironically one of the better outcomes in SPAC history.
What Happened
Mission Advancement Corp was a SPAC co-led by former NFL quarterback Colin Kaepernick, raising $250 million in its 2021 IPO. The SPAC aimed to merge with a company focused on social impact and minority empowerment.
Despite the celebrity backing and substantial war chest, Mission Advancement failed to find a suitable merger target within its deadline. The SPAC market was cooling, and the social impact criteria narrowed the universe of potential deals.
Mission Advancement liquidated and returned the trust cash to shareholders. While investors got approximately their money back, it represented a complete failure of the celebrity SPAC thesis.
Ironically, as Chamath's own data showed, SPACs that liquidated without merging generated better returns than most that completed deals.
Key People
Timeline
2021-04-14
SPAC IPO raises $250M
2022-12-01
Deadline approaches with no target identified
2023-04-01
Liquidates and returns cash to shareholders