Former San Francisco 49ers quarterback Colin Kaepernick helped form a special purpose-acquisition company that will seek to "invest in and grow a business in a way that delivers a significant impact financially, culturally and socially."
Mission Advancement Corp. made a formal filing to the Securities and Exchange Commission on Tuesday, listing Kaepernick as the co-chairman.
MarketWatch's Mike Murphy explained how special purpose-acquisition companies (SPACs) are "essentially empty-shell companies that look for a company to acquire and take public."
This article will be updated to provide more information on this story as it becomes available.