Public-Benefit Corporations
“Black Rifle Coffee Co. is combining with the SPAC SilverBox Engaged Merger Corp. I., valuing the coffee company at $1.7 Bn” — WSJ, Nov. 3, 2021. Black Rifle says it plans to reorganize as a public-benefit corporation.
Black Rifle Coffee is known to have said back in 2017 that it will hire 10,000 veterans after Starbucks Corp.’s promised to hire 10,000 refugees following then-President Trumps executive order barring more refugees from entering the country.
Well-known examples of PBCs are Method Products, Kickstarter and Patagonia.
PBCs are different than B-Corps. B Corps are certified by B Lab (a nonprofit organization founded in 2006) and pay the applicable membership fee ($500 to $50,000).
PBCs have exploded lately.
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