December 6, 2021.
The United States government has questions about the anticipated combination of Digital World Acquisition Corp. and Trump Media & Technology Group. The company associated with former U.S. President Donald Trump was covered in a story by tech news site, TechCrunch.
We were skeptical of the deal, product goals and vibe. There have been a few things that have happened since then.
The New York Times reported in October that Trump talked to DWAC CEO Patrick Orlando before the SPAC was put together. Lawyers said that Mr.Orlando's SPAC may have skirted securities laws.
The DWAC and the TMTG picked upsubscription agreements for $1 billion in committed capital to be received upon consummation of their business combination, on December 4, per a release.
The Financial Industry Regulatory Authority and the U.S. Securities and Exchange Commission are asking questions.
The new DWAC filing states that.
DWAC is cooperating with the inquiries it has received. In October and November of 2021, DWAC received a request for information from the Financial Industry Regulatory Authority, which was related to a review of trading that preceded the public announcement of the October 20, 2021 Merger Agreement.
The company insists that it has not been accused of wrongdoing. Yet. It was difficult to figure out a deal that had our heads tilted to one side.
The presentation was not very detailed. The code being used to build TRUTH Social was not properly source. It is a bit whiffy.
Why the SPAC would combine with something that was more of a collection of ideas than a company was a question. How the valuation was decided was a mystery. The investors put together the $1 billion for the deal.
The entire affair is not a good look for SPACs, which have a somewhat befuddling mechanism that allows a pre-product company to go public via a less mature structure than is generally permitted. This is the sort of deal that gave blank-check companies the name that they had until recently, when they were given a new look for a short period of time.
There is more to come on this one.
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