Maryland gubernatorial wannabe Wes Moore’s little-known SPAC has elected D’Angela Dia Simms, who previously worked for rap star ex-Puff Daddy, to its board, according to an SEC filing.
Simms will serve on the audit and compensation committees of Focus Impact Acquisition, the special purpose acquisition company floated by the 43-year-old Democratic politician last year. She will not receive any compensation.
Born in Monterey, Calif., and raised in New York, Simms is the chief executive of Lobos 1707 Tequila & Mezcal, a spirits maker whose investors include NBA star LeBron James. She also is a board member at Tilt Holdings Inc. (NEO: TILT), a cannabis venture.
Simms spent a good part of her career at Combs Enterprises,the holding company of Sean Combs, aka Puff Daddy. At Combs, she oversaw a diverse business including liquors and spirits, television, record labels and talent management. In 2017, she succeeded the rap singer himself as president of Combs. She is credited particularly for transforming the unprofitable CÎROC Ultra-Premium Vodka unit into a $2 billion business.
Simms received a B.S. degree in psychology from Morgan State University and a master’s degree in management from the Florida Institute of Technology.
What is Moore’s SPAC doing?
Moore, 43, has been a whizkid. A Rhodes scholar, former White House fellow and former US Army officer, he has been a bestselling author twice over, founded a social enterprise called Bridge EdU — to ease the passage of students entering college — and served as the chief executive of New York’s Robin Hood Foundation, which fights poverty in the Big Apple.
Focus Impact Acquisition, the SPAC founded by Moore in April 2021, is in line with his broader social goals. The firm will align with companies that pursue the UN’s special development goals — health, education, jobs and growth, and reducing Inequality, and women- and minority-led businesses.
The SPAC initially aimed to raise $250 million to invest in so-called “social-forward” companies. Focus Impact is led by CEO Carl Stanton, former managing partner and head of private equity at Invesco Private Capital. In its most recent filing, Focus Impact said it has issued 23 million Class A shares and 5.75 million Class B shares.Its shares are listed on the Nasdaq and the company has a market cap of about $290 million, nearly in line with the money it has raised via sale of units at $10 apiece.In over a year, it has not identified an acquisition target amid a sharp downturn for SPACs in particular and for the stock market in general.
A year on, Moore’s focus is sharply on politics in Maryland, his adopted state since coming to Johns Hopkins University to study international relations and economics. He graduated Omicron Delta Kappa and Phi Beta Kappa in 2001.
Commercial Real Estate
MacKenzie Companies
Law
Nemphos Braue
Financial Services / Investment Firms
Chesapeake Corporate Advisors
Commercial Real Estate
Monday Properties
Venture Capital
Blue Delta Capital Partners
Internet / Technology
Foxtrot Media
Taking the Political Plunge
Moore has dabbled with politics for nearly a decade without making the commitment. As early as 2014, Attorney General Doug Gansler mulled Moore as a running mate in the Maryland gubernatorial election. In 2016, Moore turned down an opportunity to join the Baltimore mayoral race.
Last year, Moore finally signaled his intention to run for the Maryland gubernatorial race in 2022. He — with former state delegate Aruna Miller as his running mate — won the Democratic primary earlier this month. Since then, he has won the endorsement of many political leaders from Baltimore City to Prince George’s and Howard counties.
