Donald Trump Media Execs Launch SPAC to Raise $179M for Crypto-Related Acquisitions
Three senior officials from Trump Media & Technology Group (TMTG) have filed with the SEC to raise $179 million for a new crypto-focused SPAC. Dubbed Renatus Tactical Acquisition Corp I, the blank-check SPAC was created to target U.S.-based businesses with high growth potential.According to the filing, Renatus will target businesses in three industries: blockchain and cryptocurrency, dual-use technologies, and data security.Renatus Seeks to Raise $179M As part of its fundraising effort, the company filed with the SEC to raise $178.9 million through a private placement and IPO.Specifically, it plans to offer 17.5 million public shares, with each sold at $10. Similarly, the SPAC will issue approximately 3.95 million warrants through a private placement at $1 each.The funds raised through these offers will be used to acquire or merge with other businesses related to crypto, data security, and dual-use technologies. Besides businesses in these sectors, Renatus plans to pursue interests in other key areas as well. TMTG Ties Renatus has strong ties to TMTG, a media company co-founded by U.S. President Donald Trump in 2021. It operates the Truth Social media platform, which Trump has utilized to make special announcements since his inauguration. According to the filing, Renatus' leaders are strongly affiliated with TMTG. For instance, Devin Nunes, the CEO of TMTG, would serve as the chairman of the SPAC board. The SPACs CEO, Eric Swider, is a board member of TMTG, while COO Alexander Canoo previously held a leadership position at Trumps media company. Renatus expressed concerns that some third parties may decline to engage with it due to its affiliation with TMTG and President Trump.Trump Pro-Crypto Initiatives Meanwhile, the development comes as the Trump administration seeks to introduce pro-crypto regulations to position the United States as the industry's global leader. Since his inauguration, Trump has made major moves to make the U.S. the crypto capital of the world. This includes creating a presidential working group to develop a crypto regulatory framework at the federal level, appointing several pro-crypto advocates to key positions like the SEC Chair, and establishing a strategic Bitcoin reserve and digital asset stockpile. In the filing, Renatus mentioned the federal governments effort to integrate digital assets into the countrys financial strategy.
Text source: The Crypto Basic
