Aug 4 (Reuters) - New America Acquisition I Corp, a
blank-check firm backed by Eric Trump and Donald Trump Jr., on
Monday filed for an initial public offering of up to $300
million in the United States.
The move is the latest in a series of ventures by U.S.
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 president's policies and agendas.
The special purpose acquisition company, 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 U.S., it said in a filing.
The SPAC will "play a meaningful role in revitalizing
domestic manufacturing, expanding innovation ecosystems, and
strengthening critical supply chains", the filing added.
Since taking office, Trump has unraveled decades of trade
relationships in pursuit of protectionist trade measures that he
believes are necessary for national security.
Eric and Trump Jr. will both serve on the advisory board for
New America, receiving a combined five 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.
D. Boral Capital is the other underwriter for the offering.