Trump SPAC Deal Adviser Sets Up Own Blank-Check Firm

(Bloomberg) -- The adviser helping take former President Donald Trump’s social media concept public is raising a blank-check company of its own. 

EF Hutton is planning to raise $125 million in a special purpose acquisition company -- EF Hutton Acquisition Corp. -- to find small and midsize targets in the consumer and retail industries, according to a filing with the U.S. Securities and Exchange Commission Monday, confirming a Bloomberg News report.  

The EF Hutton brand, known for its television commercials in the 1970s and 80s, was revived this year when Kingswood Capital Markets rebranded. The firm was listed as the sole adviser last month to the SPAC Digital World Acquisition Corp. on its deal to merge with Trump Media & Technology Group. 

Byron Roth, chief executive officer of Roth Capital Partners, and Roth Capital’s head of equity capital markets, Aaron Gurewitz, agreed to buy over 860,000 shares in the EF Hutton SPAC. 

Wells Fargo & Co. and Roth Capital are advisers to EF Hutton Acquisition, the filing showed. It plans to list on Nasdaq Global Market under the symbol EFHT.

©2021 Bloomberg L.P.