President Trump’s sons are launching a new business venture – and this one calls for a return to US manufacturing.
Eric Trump and Donald Trump Jr. are backing New America Acquisition I Corp, a SPAC targeting US manufacturers that is hoping for a $300 million public offering on the New York Stock Exchange, according to filings on Monday.
As advisers to New America, Eric Trump was awarded an interest in three million founder shares and Donald Trump Jr. received two million shares.
New America is searching for partner companies “that play a meaningful role in revitalizing domestic manufacturing, expanding innovation ecosystems, and strengthening critical supply chains,” a securities filing said.
The new blank-check company is hoping to buy one or more companies with a total value of at least $700 million.
The Trump Organization did not immediately respond to The Post’s request for comment.
The Wall Street Journal earlier reported the news.
SPACs, or special-purpose acquisition companies, look to merge with private businesses, allowing the new entity to skip the red tape around a traditional public offering.
Based on New America’s goal share price, Eric and Don Jr.’s holdings in the company could be worth millions of dollars after a merger is completed.
Kevin McGurn, a longtime media and tech executive, will take over New America as chief executive.
Kyle Wool, president of a small investment firm, is another adviser.
New America is just the latest in a long string of business ventures from the Trump family.
Like many of the other companies, it falls into line with President Trump’s own platform – in this case, a call to boost manufacturing at home with the use of tariffs on foreign nations.
During his campaign, Trump pledged to make the US the crypto capital of the world. He recently signed the first major piece of legislation regulating cryptocurrency into law.
The Trump family has several interests in crypto ventures, including a sizable stake in crypto firm World Liberty Financial, interest in a bitcoin-mining company and Trump- and Melania-branded memecoins.
Both Trump sons are overseeing the family’s mobile phone business, and Don Jr. is also a partner at anti-woke venture capital firm 1789 Capital.
Don Jr. is also a partner at the anti-woke venture capital firm 1789 Capital.
It wouldn’t be the first time a Trump venture banked on the use of SPACs.
Trump Media & Technology Group, which owns the president’s Twitter-like social media platform Truth Social, went public with a SPAC merger last year.
At the time, the listing brought Trump a nearly $3 billion windfall.
Last month, GrabAGun – an online gun dealer backed by Don Jr. – went public through a similar blank-check deal.
Shares in New America will be offered by investment firms D. Boral Capital and Dominari Securities, which previously led the IPO of a drone manufacturer backed by Don Jr.
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