Trump-Linked SPAC Settles Fraud Charges with SEC for $18 Million
TL;DR
The Securities and Exchange Commission (SEC) has charged Digital World Acquisition Corporation (DWAC), a special purpose acquisition company (SPAC), for making material misrepresentations in forms filed with the SEC regarding its initial public offering and proposed merger with Trump Media & Technology Group Corp. The SEC found that DWAC failed to disclose its plan to acquire TMTG prior to the IPO and misled investors and the SEC. DWAC has agreed to a cease-and-desist order, pay an $18 million penalty if the merger transaction closes, and ensure that any future filings are accurate and complete.
Topics:businessfinance#digital-world-acquisition-corporation#finance#material-misrepresentations#sec#spac#trump-media-and-technology-group-corp
- SEC Charges Digital World SPAC for Material Misrepresentations to Investors SEC.gov
- Trump Media merger partner DWAC settles with SEC over fraud charges CNBC
- SPAC Tied to Trump's Media Company Will Pay $18 Million to Regulators The New York Times
- Trump Social-Media SPAC Settles With SEC Over Fraud Claims The Wall Street Journal
- Trump-Linked SPAC Stock Soars 30% After Striking Fraud Charges Deal Forbes
- View Full Coverage on Google News
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