Eric Trump and Donald Trump Jr. have joined forces as advisers to a new special-purpose acquisition company (SPAC), New America Acquisition I Corp., which launched a filing Monday for a $300 million IPO on the New York Stock Exchange targeting US manufacturers.
According to the SEC filing, the SPAC aims to acquire one or more businesses with a combined enterprise value of at least $700 million, focusing specifically on companies that contribute to revitalizing domestic manufacturing, strengthening critical supply chains, and expanding innovation ecosystems, especially in sectors like aerospace and critical minerals.
Eric Trump holds three million founder shares and Donald Trump Jr. two million founder shares in New America, collectively valued potentially in the multi-million‑dollar range upon successful deals.
The SPAC will be led by Kevin McGurn, a media and tech executive, with Kyle Wool, CEO of Dominari Securities – which is underwriting the offering – serving on the board.
Dominari is affiliated with the Trump family through its parent firm, Dominari Holdings, in which the brothers are major shareholders.
Conflict-of-interest concerns emerge over federal incentives
Originally, the SPAC’s SEC filing included a statement that it expected to benefit from federal and state grants, tax credits, or government contracts – a detail that drew scrutiny due to the brothers’ direct advisory roles while their father serves as president.
After media inquiries, the line was removed and a company spokesperson termed its inclusion a clerical error.
Ethics experts have warned that, even with the revision, the ambition to benefit from public incentives echoes public concerns regarding leveraging political influence for private gain.
A growing Trump business portfolio aligned with patriotic economy themes
This SPAC follows a string of investments and ventures affiliated with the Trump family, including initiatives in cryptocurrency mining, media platforms, firearms retail, and telecom, capitalizing on economic nationalism and reshoring policies championed by President Trump.
Main image: The two Trump brothers alongside other family members. Credit: Walt Disney Television.
