A news release today announced that a new company called ‘New America Acquisition I Corp.’ filed a Registration Statement for a $300 million proposed initial public offering (IPO).
Eric and Donald Trump Jr. are advisors of the new company along with Kyle Wool, the President of Dominari Holdings. The new SPAC (Special Purpose Acquisition Company) will be lead by Kevin McGurn, a business executive who is currently also an advisor to Trump Media and Technology Group.
New America Acquisition I Corp. (“NAA” or the “SPAC”), a blank check company targeting businesses with a focus on American values and priorities, announced today that it has filed a registration statement on Form S-1 (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) in connection with a proposed initial public offering of its units. The Florida-based company plans to raise $300 million by offering 30 million units at $10 per unit. Each unit consists of one share of Class A common stock and one-half of a warrant, with each whole warrant exercisable for one share of Class A common stock at $11.50 per share.
New America Acquisition I Corp. is led by Chairman, Chief Executive Officer and Chief Financial Officer Kevin McGurn. The SPAC is further supported by a distinguished advisory board that shares NAA’s mission, including Donald J. Trump Jr., Executive Vice President of The Trump Organization, Eric Trump, Executive Vice President of The Trump Organization and Kyle Wool, President of Dominari Holdings Inc. and chief executive officer of Dominari Securities.
New America Acquisition I Corp. is a SPAC (Special Purpose Acquisition Company), which is a company created to list publicly through an IPO with the purpose of merging with a private company to take the private business public. The focus of New America Acquisition I Corp. will be on manufacturing, innovation and supply chain businesses.
The SPAC plans to target businesses that are not only well-positioned for long-term, sustainable growth, but also deeply aligned with the advancement of U.S. industrial capacity, technological leadership and innovation, and economic resilience. The core focus will be on companies headquartered or primarily operating in the United States that play a meaningful role in revitalizing domestic manufacturing, expanding innovation ecosystems, and strengthening critical supply chains.
Kevin McGurn runs New America Acquisition I Corp.
The registration statement filed today provides more details on the new business.
Kevin McGurn is the Chairman, Chief Executive Officer and Chief Financial Officer of New America Acquisition I Corp.
McGurn is also the CEO of another SPAC called Yorkville Acquisition Corp. which completed an initial public offering in June 2025 that raised $150 million. McGurn is an advisor to Trump Media & Technology Group (TMTG). Yorkville Advisors is one of the largest investors in TMTG.
Below is more detail on Kevin McGurn’s the background.
Kevin McGurn has served as our Chairman, Chief Executive Officer and Chief Financial Officer since July 2025. Mr. McGurn has served as chief executive officer of Yorkville Acquisition Corp., a special purpose acquisition company, since March 31, 2025 and is a member of its board of directors. Mr. McGurn most recently served as Vice President of Advertising Solutions at T-Mobile, where he led initiatives across digital and programmatic advertising platforms. Prior to that, from 2018 to 2023 he was President at Vevo LLC, a global music video platform jointly owned by Universal Music Group and Sony Music Entertainment, where he was responsible for monetization, sales strategy, and global partnerships. Earlier in his career, from 2007 to 2013, Mr. McGurn served as Senior Vice President of Advertising Sales at Hulu, where he helped to launch and scale the company’s ad-supported streaming business. He has also held an independent board role at Zype, Inc., a video infrastructure platform that was acquired by Backlight, a portfolio company of PSG. Mr. McGurn currently serves in an advisory capacity to TMTG, supporting the company’s diligence and strategy around mergers and acquisitions, subscription video on demand (SVOD) and social networking platforms, including Truth+ and Truth Social. He is also a limited partner and strategic entrepreneurial advisor to Revel Partners, a venture capital firm focused on B2B SaaS and media innovation, and Alpine Meridian, a venture capital fund with investments across digital media and consumer technology.
Ownership of New America Acquisition I Corp.
The registration statement section on principal stockholders shows that Kevin McGurn holds 12,500,000 shares and 100% of the stock before the offering. After the offering McGurn will own 13,100,000 shares and 28.9% of the stock.
Another section of the filing says Don Jr. received 2 million founder shares and Eric received 3 million founder shares.
Donald J. Trump Jr. has received an indirect interest in 2,000,000 founder shares through membership interests in our sponsor, Eric Trump has received an indirect interest in 3,000,000 founder shares through membership interests in our sponsor, Kevin McGurn will receive an indirect interest in 1,000,000 founder shares through membership interests in our sponsor. Kyle Wool, a member of our advisory board, has not and will not receive compensation for such services or founder shares through membership interests in our sponsor.
If the value of the founder shares is allocated similarly to McGurn’s shares (13.1 million shares = 28.9% of stock after the offering), the 5 million shares held by Eric and Don Jr. combined may represent approximately 11% of the stock after the offering.
Kevin McGurn set up a business with an executive at ARC Group – a company that worked with DWAC, the firm that merged with Trump Media
Kevin McGurn incorporated a company in Florida in May called America First Sponsor I LLC along with another officer John Darwin. The Florida filing shows that Kevin McGurn’s business partner John Darwin is with ARC Group, and the ARC Group website lists Managing Director John Darwin.
A search on OpenCorporates of the actual sponsor of the deal, a company called New America Acquisition I Corp., did not produce any results. However a search on Florida company records shows that New America Sponsor I LLC, was incorporated in Florida on 5/27/2025 and lists both Kevin McGurn and John Darwin. This shows that the sponsor with majority ownership of the company is run by McGurn and an executive of ARC Group.
ARC Group is a company based in Shanghai, China that is led by CEO Abraham Cinta. In 2021 I published this chart on ARC Group and their work with DWAC, a company that was then planning to merge with Trump Media and Technology Group. I reported that in 2017 the SEC issued three Stop Orders on companies linked to ARC Group executives including Abraham Cinta.
The ARC Group website has a May post saying that D. Boral Capital and ARC Group launch series of SPACs.
Joining forces with ARC Group on this new series of SPACs is a natural fit, given both companies’ prominence and leadership in the SPAC space,” said David W. Boral, Founder and CEO of D. Boral Capital. “Building on our past successes, this collaboration underscores ARC Group’s confidence in our offerings and the value we bring to our clients in navigating the capital markets.
The Co-Book-Running Managers on the New America Acquisition I Corp. deal are Dominari Securities and D. Boral Capital.
UPDATE: (the section below is an update added after the story was originally published)
D. Boral was previously called EF Hutton and Benchmark Investments. The company rebranded as D. Boral in November 2024. The prior month the Wall Street Journal published this story: ‘Vicious Partner Feud Roils EF Hutton.’
Operating on the fringes of Wall Street, Rallo and Boral specialized in small-company IPOs and SPACs. SPACs are blank-check companies that merge with firms looking to go public. They are essentially backdoor IPOs that have historically enriched insiders at the expense of ordinary investors.
Earlier this year, in April, the firm held a celebration in Palm Beach, Fla., shortly after the Trump Media listing. Following a night of partying, Boral paid a prostitute $500, accidentally taking the money from an EF Hutton account, then tried to cover it up when the payment raised red flags at the firm, Rallo contended in his lawsuit. The claims in the lawsuits “should not be viewed as a reflection on Mr. Rallo or Mr. Boral,” EF Hutton said in its statement Sunday.
The WSJ story also described that the prior year EF Hutton worked with Sean Dollinger and underwrote the listing of LQR House, an alcoholic-beverages company led by Dollinger. In this story I wrote I reported that Sean Dollinger who ran LQR House previously worked with Elon Musk lieutenant Branden Spikes.
Sean Dollinger also founded Veg House, which aims to build vegan food halls and grocery stores. The FINRA filing for David Boral who runs D. Boral shows one complaint in 2024 related to Veg House.
Don Jr. and Eric Trump continue to deepen their deals with Dominari Holdings
I have been extensively reporting on the business deals the Trump family have pursued with a relatively small and little known financial services firm Dominari Holdings. The mainstream media has barely begun to cover Dominari and the network of people and businesses they have worked with over the years.
Earlier this year Eric and Donald Trump Jr. joined the advisory board of Dominari Holdings. I broke the news that Dominari rents space in Trump Tower in New York City and pays approximately $750,000 per year in rent. Eric and Don Jr. both invested in Dominari with three other Trump Organization executives, and all five combined own over 20% of Dominari common stock. Don Jr. invested in drone company Unusual Machines which is closely tied to Dominari. Eric, Don Jr. and Dominari launched American Data Centers which is doing several mergers to form American Bitcoin (I have an updated piece on this deal coming out shortly).
Dominari Holdings recently brokered a deal with a Trump crypto investor, Justin Sun, to take his company Tron public through a merger with SRM Entertainment, which is also affiliated with Dominari. I noted here that Soo Yu, who worked at Dominari and is married to Dominari President Kyle Wool, runs American Ventures LLC which was an advisor and $5 million investor to SRM Entertainment.
Last month I reported that Barry Honig, who was charged in 2018 by the Securities and Exchange Commission for a $27 million stock scheme, was an investor in a company called Spherix in 2013-2014, and that Spherix is now renamed Dominari Holdings, which is part owned by Don Jr. and Eric Trump and a few other Trump Organization executives.
Below are other stories on Don Jr. and Eric Trump and Dominari Holdings:
- Don Jr. and Eric Trump joined the advisory board of Dominari Holdings – a tenant at Trump Tower with lease payments that may be almost $750,000 per year (February 12, 2025)
- Eric and Donald Trump Jr. are advisors and investors in Dominari Holdings which has ties to a network linked to an alleged $27 million stock fraud (March 17, 2025)
- Russian-American businessman who loaned $8M to Trump Media in 2021-2022 sent $10.8M to firm that may link to Don Jr. and Eric Trump’s new business partners (March 24, 2025)
- Over 20% of Dominari Holdings common stock is owned by 5 Trump Org execs – of that Don Jr. and Eric Trump together have 2.9M shares worth $13.4M (April 21, 2025)
- Barry Honig, charged by SEC for $27M stock scheme, was 2013-2014 investor in Spherix – now named Dominari Holdings, part owned by Don Jr. and Eric Trump, and involved in several Trump family deals (June 23, 2025)
- An Austrian billionaire who allegedly once worked with East German Stasi spies links to a network tied to several Trump family deals (July 9, 2025)
Today’s filing on New America Acquisition I Corp. shows how Eric and Donald Trump Jr. are working with Dominari Holdings – a firm they partly own – as a key part of their future business growth. As my prior reporting has shown, the network of people involved is worth continued scrutiny and coverage.
And the new finding reported for the first time above that the CEO of New America Acquisition I Corp. recently set up a company with an executive from ARC Group and that ARC Group is partnering with D. Boral Capital, the co-book runner on the New America deal, makes this network even more interesting and important to research.
NOTE: The story was updated on August 5, 2025 to add new information about New America Sponsor I LLC, the main sponsor of New America Acquisition I Corp.