Two former Trump administration officers appear to have discovered their subsequent gig: working 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 looking for to increase up to $345 million within the providing, according to the filing.
Former Trump financial advisor Larry Kudlow is joining Ross as a director of the SPAC, in accordance to the submitting.
A SPAC is a “clean verify” car that raises cash from traders that is then used to hunt for an acquisition of a personal firm and convey them public. The SPAC craze exploded in 2020, with greater than 248 clean verify firms that raised $83 billion.
So far in 2021, 100 SPACs have been taken public, elevating greater than $29 billion, in accordance to data from SPACInsider.
It’s unclear what kind of firm Ross and Kudlow could also be concentrating on to convey public. According to the submitting, the SPAC “could pursue an acquisition alternative in any enterprise trade or sector.”
Ross will serve as the president, chairman, and CEO of the SPAC, in accordance to the submitting. The SPAC will commerce as soon as the providing is full.