New America Acquisition I Corp. Liquidation Value

New America Acquisition I Corp. (NWAX) is a Florida-incorporated blank check SPAC that completed its IPO on December 5, 2025, raising $345M gross at $10.00/unit (34.5M public units plus full overallotment exercise). The balance sheet as of March 31, 2026 reflects the standard SPAC grantor trust structure: $348.9M of cash sits in a restricted trust account (us-gaap:AssetsHeldInTrustNoncurrent), representing 99.6% of total reported assets of $350.4M. Outside the trust, the company holds $855,526 in unrestricted cash and $585,317 in prepaid expenses (current + noncurrent).

Under a liquidation lens, the trust account is the only asset with meaningful recovery value. The trust holds U.S. government obligations or qualifying money-market funds and is marked at $348.9M (up from $345.9M at December 31, 2025, driven by $3.0M of quarterly interest income less $630K income tax withdrawal). At 100% recovery, the trust yields approximately $348.9M. Against that, the temporary equity (Class A redeemable shares) carries a redemption obligation of $348.1M at $10.09/share — essentially a first-priority claim that absorbs the full trust balance before any residual reaches permanent equity holders. Total non-trust liabilities at face value are $1.7M: current liabilities of $974K (accounts payable $111K, income tax payable $863K) and noncurrent accrued expenses of $751K (deferred service provider fees contingent on business combination closing). Notably, a $17.25M business combination success fee owed to underwriter advisors (5% of gross IPO proceeds) is not recorded as a liability — it is purely contingent on deal close and does not appear on the balance sheet, though it is disclosed in Note 6 and in MD&A.

Liquidation recovery to permanent equity (Class A non-redeemable + Class B founder shares, book value $579K) is effectively zero: trust proceeds are contractually committed to redeem the 34.5M public shares at ~$10.09/share, leaving no residual for the 15.3M non-redeemable shares. The MFFAIS CLV/LLV/OLV of $737K reflects only the unrestricted liquid assets outside the trust net of current liabilities — consistent with this analysis. Disclosure controls were assessed as not effective as of March 31, 2026 due to segregation-of-duties deficiencies. The combination window runs to June 2027 (18 months from IPO, extendable to 24 months with signed definitive agreement). No target has been identified. Cash burn outside the trust was $88.6K for Q1 2026; at this rate, the $855K unrestricted cash provides approximately 2.5 quarters of runway before the combination window expires.