Reuters
- Former Trump cabinet member Wilbur Ross is joining the SPAC craze with one of his own.
- Ross filed to form a SPAC that is seeking to raise up to $345 million, according to an SEC filing.
- Former Trump economic advisor Larry Kudlow is joining Ross as a director on the SPAC.
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Two former Trump administration officials seem to have found their next gig: running a SPAC.
Wilbur Ross, who served as former President Trump’s Secretary of Commerce, filed with the SEC to form the Ross Acquisition Corp II. Ross is seeking to raise up to $345 million in the offering, according to the filing.
Former Trump economic advisor Larry Kudlow is joining Ross as a director of the SPAC, according to the filing.
A SPAC is a “blank check” vehicle that raises money from investors that is then used to hunt for an acquisition of a private company and bring them public. The SPAC craze exploded in 2020, with more than 248 blank check companies that raised $83 billion.
So far in 2021, 100 SPACs have been taken public, raising more than $29 billion, according to data from SPACInsider.
It's unclear what type of company Ross and Kudlow may be targeting to bring public. According to the filing, the SPAC "may pursue an acquisition opportunity in any business industry or sector."
Ross will serve as the president, chairman, and CEO of the SPAC, according to the filing. The SPAC will trade once the offering is complete.
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