Thursday, September 28, 2023

Wilbur Ross adds to the PSPC craze

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Maybe the real question is: who doesn’t raise a blank check company?

Former US Secretary of Commerce to President Donald Trump Wilbur Ross is backing a blank check company looking to raise some $ 300 million. While Ross will serve as CEO, former National Economic Council director Larry Kudlow will serve as director.

Double Ross II acquisition, the Special Purpose Acquisition Company seeks to acquire a company that conducts most of its business in North America, Europe or Asia.

While PSPC is open to investing in all sectors, it has identified a handful of areas where it hopes to start:

  • Automotive: Electric vehicles and autonomous vehicles
  • Energy: Storage, renewable energies and energy efficiency
  • Manufacturing: Automation / robotics, artificial intelligence, big data analysis, 3D printing and smart factory
  • Materials: Chemicals, advanced materials and sustainable materials
  • Semiconductor
  • Transport: Data analytics, digital commerce and alternative fuels
  • Space: Remote sensing and space traffic management

PSPC backers come on top of a list of former politicians and officials who have taken to the field, including former House Speaker Paul Ryan and former National Economic Council director Gary Cohn.

This is not Ross’s first SPAC. Prior to joining Trump’s cabinet, Ross founded a struggling private equity firm WL Ross & Co. Its previous SPAC, WL Ross Holding, merged in 2016 with Nexeo solutions, a chemicals and plastics company.

ANOTHER SHARE TRADING APPLICATION: The GameStop the saga seems to have led to a renewed interest in stock trading applications, with Robinhood leading the pack. Now that Robinhood raises some $ 3.4 billion in a week to match guarantee requests from its clearing house, another stock trading app throws a mega ride. Stash is set to announce a $ 125 million fundraising round that will be worth around $ 1.4 billion, per CNBC. Eldridge led the round and was joined by investors including T. Rowe Price.

A NEW PERSPECTIVE FOR TECHNOLOGY: It’s a crazy time for technology. Join our list of speakers alongside my colleague Aaron Pressman and I on February 11 to discuss the new age.

The first session on this subject New era for product development kicks off at 1 p.m. ET with speakers such as Mike Maresca (Global Chief Technology Officer of Walgreens Boots Alliance), Stephen ward (Chief Information Security Officer, The Home Depot), and Haiyan Zhang (Chief of Staff, Xbox, Microsoft).

The technology you need (and don’t have) in 2021 kicks off at 2 p.m. ET, with Emily Heath (Chief Trust and Security Officer, DocuSign), Jesse Levinson (Co-founder, Zoox), and John roese (Global CTO, Dell Technologies).

Join, apply here.

Lucinda Shen
Twitter: @shenlucinda


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