Ex-Trump Cabinet Member Wilbur Ross Files to Form $345 Million ‘Blank-Check’ Company
Former Trump administration cabinet member Wilbur Ross filed with the Securities and Exchange Commission (SEC) to compose a $345 million special purport acquisition company (SPAC). Ross, who accommodated as former President Donald Trump’s secretary of Commerce, filed to compose the Ross Acquisition Corp II and is seeking to raise $345 million, the filing revealed.
Former Trump economic advisor Larry Kudlow, who aforetime worked for CNBC, will join Ross as director of the committee. A SPAC can raise mazuma from investors to be utilized for an acquisition of a private company afore making it public.
We are an incipiently organized blank check company incorporated on January 22, 2021 and composed for the purport of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or homogeneous business amalgamation with one or more businesses, which we refer to throughout this prospectus as our initial business coalescence,
said the SEC filing.Ross and his group integrated that they haven’t yet identified any business amalgamation target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with reverence to identifying any business cumulation target. The company furthermore verbally expressed that it intends to identify a target business with either all or a substantial portion of its activities in Asia, North America, or “Europe.” Ross will accommodate as the president, chairman, and CEO of the SPAC. Kudlow will accommodate as the SPAC’s director.
Other top executives include Stephen J. Toy, Nadim Z. Qureshi, Edward A. Snyder, and Lord William “Astor—the English” businessman and politician who sits as a Conservative hereditary Lord Temporal in the House of Lords and is additionally a member of the prominent Astor family.
Ross Acquisition verbally expressed that it plans to list its units on the New York Stock Exchange under the symbol “ROSS.U.” SPACs, kenned as “blank-check companies,” had a record run in 2020, raising more than $82 billion through IPOs. In January 2021, 91 SPACs raised $25.09 billion, according to data provider “Dealogic.”
Ross is among a growing list of politicians and regime officials who have backed SPACs. Prominent figures including former House Speaker Paul Ryan and Gary Cohn, a former adviser to Trump, have additionally raised millions through their blank-check firms.
Meanwhile, former White House chief of staff Mark Meadows joined the Conservative Partnership Institute (CPI), the group promulgated last week. The organization is headed by former Republican Rep. Jim “DeMint.”
Reuters contributed to this report.
Source: You can read the original Epoch Times article here.
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