TLDR
- Three Trump Media executives launched Renatus Tactical Acquisition Corp I, a SPAC targeting $179 million in funding
- The company aims to potentially acquire US-based crypto or blockchain businesses
- The executives include Eric Swider (CEO), Alexander Cano (COO), and Devin Nunes as chairman
- They cited Trump administration’s support for crypto integration into national financial strategy
- The company acknowledged that Trump ties could present challenges with potential business partners
Three executives with ties to Trump Media & Technology Group have formed a new special purpose acquisition company (SPAC) that could target businesses in the cryptocurrency and blockchain sectors. The Cayman Islands-based Renatus Tactical Acquisition Corp I is seeking to raise approximately $179 million through public and private offerings.
The leadership team includes Eric Swider as CEO, who currently serves as a director at Trump Media and previously led Digital World Acquisition Corp. Alexander Cano, who was Digital World’s president, is operating as Renatus Tactical’s chief operating officer. Devin Nunes, the CEO and chair of Trump Media, also chairs the board of Renatus Tactical.
According to a March 14 regulatory filing first reported by Forbes, the company aims to raise over $178.94 million. This would be accomplished through the sale of 17.5 million public shares at $10 each and more than 3.94 million private placement warrants at $1 each.
The SPAC has not identified specific acquisition targets
However, the filing indicates it could acquire “one or more businesses” with a focus on data security and technology for both military and non-military applications. While the company could pursue businesses in any industry worldwide, it intends to focus on “high-potential businesses based in the United States.”
In the SEC filing, Renatus Tactical highlighted the Trump administration’s recent actions in the crypto space. The company pointed to President Donald Trump’s early March executive order to create both a Bitcoin reserve and a crypto stockpile. It also mentioned his January order that tasked a working group with proposing crypto regulations.
The SPAC is focusing on industries with strong government oversight. This strategy could be influenced by Trump-appointed regulators at key agencies including the Securities and Exchange Commission, Department of Justice, and Federal Trade Commission.
Despite the apparent advantages of the Trump connection, the company also disclosed potential drawbacks. The filing acknowledged that some entities “may not want to engage with us to provide services due to the affiliation of our management team and our board of directors” with Trump and Trump Media.
This concern mirrors challenges faced by other Trump-affiliated businesses. For example, the filing noted that Tesla has seen its share price drop by over 40% this year. This decline is partly attributed to CEO Elon Musk’s role as White House cost-cutting czar, which has sparked attacks on Tesla cars and dealerships across the United States.
Trump Media operates the social media platform Truth Social. President Trump maintains a majority stake in the company, though he placed his 114.75 million shares into a trust in December. This move was intended to reduce potential conflicts of interest ahead of his inauguration.
According to estimates from Forbes and Bloomberg, Trump’s wealth ranges from $4.8 billion to over $6.5 billion. Both sources indicate that his Trump Media shares account for the bulk of his wealth, worth about $2.36 billion at the company’s recent closing price of $20.59 per share.
World Liberty Financial
The launch of Renatus Tactical occurs as Trump increases his involvement in the cryptocurrency sector. On March 13, his World Liberty Financial project announced it had raised an additional $250 million in its second token sale. This brings the total sales to $550 million since the project launched in October.
Reports suggest that the Trump family could receive up to 75% of net revenue from the World Liberty Financial project. This further highlights the former president’s growing interests in the digital asset space.
Renatus Tactical now faces the challenge of attracting investors while managing concerns about political connections. The company will need to balance these factors as it seeks to complete its fundraising goals and identify suitable acquisition targets.
The SPAC is entering the market at a time when digital assets have become increasingly mainstream. The company’s filing emphasizes this trend, noting that cryptocurrency and blockchain technology have gained greater prominence in national financial strategy.
For investors considering the offering, the company’s Trump ties represent both a potential advantage and risk factor. While government connections might facilitate certain deals, they could also limit other opportunities due to political considerations.
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