Trump sons take advisory roles in US blank cheque SPAC tied to federal incentives
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The news: Eric Trump and Donald Trump Jr are backing a new blank cheque investment vehicle, New America Acquisition I Corp, which on Monday filed for a USD300 million IPO on the New York Stock Exchange.
The SPAC will seek to merge with a US-based company that plays “a meaningful role in revitalising domestic manufacturing, expanding innovation ecosystems, and strengthening critical supply chains,” according to filings with the Securities and Exchange Commission.
The filing also says it will target companies that are “well-positioned to benefit from federal or state-level incentives, such as grants, tax credits, government contracts or preferential procurement programs.”
The numbers: Trump Jr and Eric Trump received 2 million and 3 million founder shares respectively and will serve on the Florida-incorporated vehicle's advisory board.
A person close to the SPAC told the Financial Times that while a crypto merger was possible, the target was more likely to be in data centres, drones or other bricks-and-mortar sectors.
The offering is being underwritten by Dominari Securities, which is headquartered in Trump Tower, and D Boral Capital.
The context: It is the latest in a series of private and public ventures by the president’s family, including backing firearms retailer GrabAGun, crypto company World Liberty Financial, which is also backed by the president, and a Trump-branded memecoin.
The Trumps also have interests in telecom, crypto mining, golf courses and hotels.
The sources: SEC filings, Financial Times, Reuters
