# New America Acquisition I

New America Acquisition I is an Asset Manager based in Wilmington, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Wilmington, United States
- **Region:** North America
- **Address:** Wilmington, DE, United States
- **Founded:** 2020
- **Assets under management:** Undisclosed
- **Website:** newamericaacquisition.com

## Regulatory record

- **Reports private funds:** No

## About

New America Acquisition I Corp. was formed in 2020 as a Delaware-domiciled special purpose acquisition company led by Chief Financial Officer Rick Rieser. The vehicle priced its IPO on March 16, 2020, raising $125 million at $10 per unit, days after the WHO declared COVID-19 a pandemic. It targeted a business combination in the technology, media, telecommunications, or government services sectors. Despite the broad mandate, the SPAC's search concluded without a merger. The trust was never deployed into an operating company, and shareholders voted to redeem their capital. The entire vehicle structure — a cash trust with a deadline — represented a pure-play bet on a sponsor's ability to find and negotiate a private target, rather than any specific investment thesis or portfolio exposure. The sponsor, New America Acquisition Sponsor LLC, canceled its founder shares as part of the liquidation process. In January 2022, New America Acquisition I formally wound down, returning roughly $10.35 per share to public holders from the trust account. This outcome placed it among the early wave of post-2021 SPAC failures, as redemptions surged and regulatory scrutiny intensified. The firm's structure was unusual in one respect: it dissolved cleanly and on schedule, returning capital to shareholders rather than pursuing an uneconomic merger to preserve sponsor economics. This distinguishes it from peers that extended deadlines repeatedly or closed dilutive combinations merely to survive. The liquidation serves as a case study in fiduciary discipline during the SPAC market's correction.

## People

- Rick Rieser — Chief Financial Officer

## Questions

### Did New America Acquisition I ever complete a merger?

No. The SPAC searched for a target in technology, media, telecommunications, or government services but did not announce a definitive agreement. It liquidated in January 2022 and returned capital to shareholders.

### What happened to the sponsor's economics?

The sponsor, New America Acquisition Sponsor LLC, forfeited its founder shares and private placement warrants as part of the liquidation. The sponsor received no compensation from the trust account, which was distributed entirely to public shareholders.

### How much capital did the SPAC raise and return?

The IPO raised $125 million in March 2020. At liquidation, public shareholders received approximately $10.35 per share from the trust, reflecting the original $10.00 per share plus accrued interest (per SEC filings, 2020-2022).

### What sectors did the SPAC target?

The S-1 filing specified technology, media, telecommunications, and government services as target sectors. The broad mandate gave management flexibility, but no target was publicly identified before the deadline.

### Why is a liquidated SPAC tracked in this database?

The clean liquidation — returning capital on schedule without a value-destroying merger — serves as a governance reference point. Institutional allocators studying SPAC sponsor track records find closed-circuit outcomes as informative as completed deals.

## Related profiles

- [Electrovaya](https://altss.com/profile/electrovaya-inc)
- [Eaton Vance Municipal Bond Fund](https://altss.com/profile/eaton-vance-municipal-bond-fund)

---

Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/new-america-acquisition-i-corp

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology