Bengaluru — New America Acquisition I Corp, a blank-cheque firm backed by Eric Trump and Donald Trump Jnr, on Monday filed for an initial public offering (IPO) of up to $300m in the US.
The move is the latest in a series of ventures by US President Donald Trump’s family, including a meme coin launched in January and World Liberty Financial, a crypto company partly owned by the president.
The Trump brothers have also expanded their holdings across golf courses, hotels, telecom and crypto miners, ventures which they say echo the president’s policies and agendas.
The special purpose acquisition company (Spac), a vehicle previously used by the family to launch firearms retailers and media firms, aims to merge with businesses headquartered or primarily operating in the US, it said in a filing.
The Spac will “play a meaningful role in revitalising domestic manufacturing, expanding innovation ecosystems, and strengthening critical supply chains”, the filing added.
Since taking office, Trump has unravelled decades of trade relationships in pursuit of protectionist trade measures that he believes are necessary for national security.
Eric and Trump Jnr will both serve on the advisory board for New America, receiving a combined 5-million shares in the company.
Media veteran Kevin McGurn will lead the company. He declined a Reuters request for comment.
Dominari Securities President Kyle Wool, whose firm is an underwriter for this offering, is also on the board.
Spacs are shell companies that use their IPO proceeds to merge with a private company, thereby taking it public while avoiding the regulatory scrutiny of a traditional listing.
New America said it would offer 30-million units in its IPO priced at $10 each, aiming to list on the New York Stock Exchange.
Reuters
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