Joe.My.God. LGBT News
The New York Times reports:
If the merger is not completed in the next six months, Digital World — established as a special purpose acquisition corporation — will have to return the $300 million it raised from investors in 2021 through an initial public offering. But it is not clear that the investigations by the Securities and Exchange Commission and federal prosecutors in Manhattan will be completed in time to permit the S.E.C. to approve the merger as required.
In February, officials with Trump Media sent a letter to several Republican congressmen asking them to open an investigation into the S.E.C.’s refusal to approve the deal, accusing regulators of being biased against the former president. On Thursday night, Devin Nunes lashed out against the holdup. “They even go after people we are trying to do business with so that we don’t have access to the public markets,” Mr. Nunes said on Fox News.
Read the full article.
We’ve written a lot about the early merger talks between DWAC and Trump Media which might have violated securities laws for SPACs but don’t sleep on the insider trading investigation
— Matthew Goldstein (@MattGoldstein26) April 2, 2023
Soon after the group invested — two months before the Digital World IPO — some employees at Rocket One began to routinely refer to Digital World as the “Trump SPAC.”
— Matthew Goldstein (@MattGoldstein26) April 2, 2023
The Rocket One group was brought into the deal by Patrick Orlando, one of the merger’s architect, who Digital World ousted as CEO in a bid to move potential settlement talks along to get the merger approved by Sept. 8.
— Matthew Goldstein (@MattGoldstein26) April 2, 2023