Renatus Tactical (Trump Media orbit)

#96 of 117

50/100Unprovenlow confidence

Unproven — 1 vehicle, none resolved yet. Held at the neutral 50; no record is not a bad record.

Vehicles

1 in the live DB · 0 SEC-verified priors · computed by SpacBrain from cited rows, as of 2026-09-10

Resolved

0 closed · 0 liquidated · 0 terminated

Best priced exit

—

no prior vehicle carries an honest post-close price

Worst priced exit

—

nothing priced — and nothing invented

Sponsor DNA

what has happened before, with its sample size

Completion rate—n=0 resolved vehiclesderived
No resolved vehicle on record — absent, which is not the same as zero.
Liquidation rate—n=0 resolved vehiclesderived
No resolved vehicle on record — absent, which is not the same as zero.
Median post-close return—n=0 priced completed deSPACsderived
No priced completed deSPAC on record — absent, which is not the same as zero.
Median redemption—n=0 redemption events with a stated ratederived
No redemption event with a stated rate on record — absent, which is not the same as zero. Extraction covers part of the universe, so a low count is our coverage as much as the sponsor’s history.
Deals terminated0terminated dealscounted
No announced combination on this sponsor’s record has been terminated.
Extension votes on record0extension votescounted
No extension vote extracted for this sponsor. Extraction is partial across the universe, so this is an absence of rows, NOT evidence of zero extensions.

2 of 6 statistics carry a figure for this sponsor. A rate is published from 3 resolved vehicles and a median from 3 observations: two points have no middle, and a rate over two can only be 0, 50 or 100. Counts have no threshold — a count is an observation, not an estimate.

Everything marked derived is arithmetic we did to rows we hold, not a figure any filing states.

What this panel will not tell you, and why (6)›

Median day-one move on announcement
PriceBar holds 2026-05-11 → 2026-08-17 only. Of 83 dated announcements across the whole universe, 16 fall on a day we hold a bar for a scored sponsor’s vehicle, spread over 14 sponsors — one sponsor reaches three observations. A bar that does not exist is not a 0% move.
Pre-vote move
Only 12 deals carry a vote date at all, and exactly 1 of them falls inside the PriceBar window. One observation is an anecdote with a decimal point.
Median time from IPO to announcement
42 IPO→announcement pairs exist, but only six sponsors have two and one has three. Enough for a statistic about the asset class; not for one about a sponsor, which is what this panel claims to be.
Median time from signing to close
Exactly 1 deal in the entire database is CLOSED and carries an announcement date. There is no 2nd observation anywhere to take a median over.
12-month post-deSPAC return
`SponsorPriorVehicle.postCloseReturnPct` is measured at the LAST close we hold, whenever that is — not on a 12-month anniversary. We hold no price history for the resulting companies, so the anniversary price does not exist. The median post-close return above is the honest version of this number and says what it is measured against.
Sponsor capital at risk
Nothing stores it. The only sponsor-economics column we hold is `Deal.promotePct` (founder shares as a percentage of post-IPO shares, on 34 deals under a scored sponsor), and that measures the equity the sponsor got nearly free — the opposite of the dollars it put in. Deriving at-risk capital from a promote percentage would be an invention with a citation stapled to it.

Score breakdown

every component, what it measured, and what it could not

Deal completion20% weightnot measurable
No vehicle has reached a final outcome yet — nothing to measure, held neutral.
Held at the neutral 50 across its full 20% weight — missing data is never scored as a failure, but it never earns credit either.
Liquidation / termination drag16% weightn=1100/100
0 liquidations and 0 terminations across 1 vehicle raised → 0% attrition (terminations 1.25×, stale shells 0.75×).
Post-close outcome quality40% weightnot measurable
No completed deSPAC yet — nothing to measure, held neutral.
Held at the neutral 50 across its full 40% weight — missing data is never scored as a failure, but it never earns credit either.
Redemption behaviour10% weightnot measurable
No redemption events extracted for this sponsor yet (coverage is partial) — held neutral; absence of rows is NOT evidence of zero redemptions.
Held at the neutral 50 across its full 10% weight — missing data is never scored as a failure, but it never earns credit either.
Extension reliance8% weightnot measurable
No extension filings extracted for this sponsor — held neutral (partial coverage, not a clean record).
Held at the neutral 50 across its full 8% weight — missing data is never scored as a failure, but it never earns credit either.
Live fleet vs trust6% weightn=1100/100
1/1 live vehicle trading at or above the trust value it filed.
Measured weak recordflat penaltynot measurable
No measured prior-vehicle outcome — the weak-record rule cannot engage (absence of data is never a penalty).

How the number is built: weighted mean of the six components above = 61, then pulled 100% of the way back to the neutral 50 for small sample size (0 resolved vehicles) = 50.

4 components are not measurable for this sponsor (deal completion, post-close outcome quality, redemption behaviour, extension reliance) — 78% of the weight is a neutral placeholder rather than evidence. That is why the confidence chip reads low.

How the Sponsor Score worksoutcome-first weighting

The score answers one question: did this sponsor make money for the people who held through the merger? Not “did they get a deal signed”. Those are different questions, and most sponsor rankings quietly answer the second one.

So post-close outcome quality carries 40% — the realised return of every prior vehicle we can price from a primary filing, measured against the $10.00 trust baseline. Deal completion carries 20%, and it is gated: closing deals that ended below trust value only earns part of the completion credit, because closing is a precondition for a return, not a return. Liquidation and termination drag takes 16%, redemption behaviour 10%, extension reliance 8%, and what the tape says about the live fleet just 6% — a quote is an opinion, not evidence.

A component with no data is never guessed. It is held at the neutral 50 across its full weight and labelled “not measurable”. Dropping it and re-weighting the rest would quietly reward a sponsor for having no verifiable record — exactly backwards. The consequence: a sponsor with no post-close evidence at all cannot read above 71, and cannot be labelled a strong operator no matter how many deals it closed.

Experience never inflates the score. There is no “years in business” component. A first-time sponsor sits at exactly 50 and reads “unproven” with low confidence — new is not bad. Sample size only pulls a score toward or away from that neutral 50, so nobody is called great or terrible on one vehicle.

Every input is a row already in the database, sourced from SEC primary filings: prior vehicles verified on EDGAR, redemption results read out of 8-Ks, prices from public feeds. The arithmetic is deterministic — no model, no LLM, no judgement call. Research tooling, not investment advice.

Current fleet

the vehicles running today

RTACRenatus Tactical I$10.45Searching$242M

Research profile

synthesized from SEC filings + sourced research

Renatus Tactical Acquisition Corp I (RTAC/RTACU) is a newly formed SPAC based in Coral Gables, Florida, and affiliated with Global Client Advisory Group (GCAG). The vehicle is led by CEO and Director Eric Swider, who served as CEO of Digital World Acquisition Corp (DWAC) from 2022 until its March 2024 merger with Trump Media & Technology Group (TMTG, Nasdaq: DJT), and who remains a TMTG board member. Swider is also the founder of Renatus Advisors and managing partner of Renatus LLC since 2016, through which he oversees Rubidex, a data security firm. The board chairman is Devin Nunes, the former California congressman who resigned from the House in January 2022 to become CEO, president, and chair of Trump Media, and who earned approximately $47 million in total compensation at TMTG in 2024. COO Alexander Cano previously served as president and secretary of DWAC, and CFO Ian Rhodes currently serves as interim CFO of TNF Pharmaceuticals. The SPAC targets acquisitions in cryptocurrency and blockchain, data security, and dual-use technology sectors, with enterprise value targets between $500 million and $5 billion, and it completed an upsized IPO in May 2025 that ultimately raised $241.5 million on Nasdaq, with Clear Street as sole bookrunner.

The team's only prior SPAC track record is DWAC, whose merger with Trump Media was one of the most turbulent and controversy-laden de-SPAC transactions in recent memory. Announced in October 2021, the deal took 29 months to close, during which the SEC charged a former DWAC board member and two others with insider trading related to the company—the board member was found guilty at trial while the other two pleaded guilty. DWAC was forced to admit that two years of financial statements were unreliable and that it faced potential Nasdaq delisting for failing to file a mandatory report, and it ultimately agreed to pay the SEC $18 million to settle fraud charges for "making material misrepresentations" in its filings regarding merger discussions with Trump Media prior to its IPO. Post-merger turmoil continued: two Trump Media cofounders sued the company alleging dilution of their ownership stakes, prompting a countersuit from TMTG, and Trump Media was forced to change auditors after the SEC charged its accountant, BF Borgers, with "massive fraud" involving more than 250 clients, resulting in a $12 million fine and an industry ban for Borgers.

Several red flags and potential conflicts of interest are evident. Attorney General Pam Bondi, now a Trump appointee overseeing the Department of Justice, previously consulted for Renatus LLC, Swider's separate company, and received $3 million worth of DWAC shares for her services—a fact that raises questions about the intersection of political connections and financial dealings surrounding this sponsor group. The SPAC's own risk disclosures acknowledge that "third parties may not want to engage with us to provide services due to the affiliation of our management team and our board of directors with TMTG and President Donald J. Trump," an unusually candid admission of reputational risk. The firm's strategic focus on cryptocurrency and blockchain sectors aligns with the Trump administration's efforts to integrate digital assets into national financial strategy, and Trump-appointed regulators now lead the SEC, DOJ, and FTC—the very agencies that oversee merger reviews—creating at minimum the appearance of a favorable regulatory environment for a sponsor with such deep political ties. Renatus Tactical itself has no completed de-SPAC transactions, having only IPO'd in May 2025, so investors are effectively betting on a team whose sole prior SPAC experience was marked by regulatory investigations, fraud settlements, insider trading convictions, auditor fraud, and prolonged deal uncertainty, albeit one that ultimately did succeed in completing its merger.

The Sponsor Score is a deterministic research heuristic over primary-sourced rows — never a recommendation, and never a prediction. It cannot tell you whether this sponsor’s next deal will work; it tells you, precisely and with its own uncertainty attached, what the last ones did.