New America Acquisition I Corp. promises to “revitalize domestic manufacturing,” yet its biggest beneficiaries at launch will be its two highest-profile advisers: presidential sons Eric Trump and Donald Trump Jr. The Florida-incorporated SPAC filed on Monday to raise US$300 million on the NYSE at the standard US$10 a unit.
The registration statement says the blank-check company will hunt for targets “that play a meaningful role in revitalizing domestic manufacturing, expanding innovation ecosystems, and strengthening critical supply chains.” That mission closely mirrors President Donald Trump’s tariff-driven pitch to “bring jobs home,” but critics note the family’s own track record of cashing in on political narratives.
As compensation for their advisory roles, Donald Trump Jr. will receive two million founder shares and Eric Trump three million. Founder stock typically converts 1-for-1 into common shares once a merger closes, meaning the president’s sons would control shares nominally worth about US$50 million at the IPO price—before committing a single dollar of their own capital. Such “promote” packages routinely dilute public investors by up to 20%.
New America lists former FuboTV executive Kevin McGurn as CEO and Kyle Wool—president of boutique firm Dominari Capital—as a fellow adviser together with the Trumps. Dominari Securities, headquartered in Trump Tower, will underwrite the deal alongside D. Boral Capital, extending a string of small-cap flotations tied to the Trump family.
Ethics experts warn that mixing presidential influence, federal manufacturing incentives, and family equity stakes invites scrutiny. The prospectus initially highlighted, then deleted, language about seeking companies positioned to win government grants, according to press reports.
While the SEC loosened some disclosure rules under the current administration, a 2024 rule-making cycle tightened projections and liability standards for blank-check mergers. Industry lawyers say New America will still face the same two-year clock and redemption risks that have sunk many post-2020 SPACs.
High-profile Trump-branded listings have not fared well. GrabAGun Digital Holdings, taken public last month via a SPAC backed by Trump Jr., has already fallen more than 50% from its debut.
Dominari Securities also engineered the reverse-merger that transformed SRM Entertainment into Tron, and the deal installed Eric Trump on the newly renamed company’s board.
The slump echoes broader data: a Harvard Law review found median SPAC returns turn negative 14.5% just three months after de-SPACing.
Information for this briefing was found via AP News, The Wall Street Journal, Capital Brief, and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
