New America Acquisition I is a Special Purpose Acquisition Company (SPAC) with no operations, revenue, or employees — its sole purpose is to identify and merge with a private operating business, taking it public in the process. New America raised $345M in its IPO in December 2025, with all proceeds held in a trust account invested in U.S. Treasuries or money market funds. New America targets a U.S.-based business with an enterprise value of at least $700M, with a preferred focus on domestic manufacturing, supply chains, and technology. Management has 18 months from the IPO close (extendable to 24 months if a definitive agreement is signed within 18 months) to complete a deal. The sponsor purchased 12.5M Class B founder shares for $25,000; these convert to Class A shares upon deal completion, giving the sponsor its upside, but become worthless if no deal is done. Public shareholders can redeem their shares at roughly $10.00 per share plus interest at the time of a deal or if the deadline passes. If no deal is completed within the window, the trust is liquidated and returned to public shareholders, wiping out the sponsor's investment entirely.