Neither the SEC nor TMTG could not be immediately reached for comment.ĭWAC said in the filing that the settlement in principle is in the best interest of its shareholders and would prevent drawn-out litigation with the SEC. “TMTG may disagree and try to terminate the Merger Agreement,” the SEC filing said. TMTG is not a party to the settlement, according to the SEC filing, and did not consent to it. If DWAC amends its IPO filings, it will have to pay the SEC an $18 million civil penalty after the closing of any merger deal. But the deal has raised eyebrows from legal experts and drawn scrutiny from regulators and prosecutors.
Nearly two years ago, former President Donald Trump’s media group agreed to combine with DWAC to bring the company public through what’s known as a SPAC, or a Special Purpose Acquisition Corporation. Those filings were about “certain statements, agreements and omissions relating to the timing and discussions the Company had” with Trump Media & Technology Group. If it’s approved, the SEC will enter a cease-and-desist order with the company, finding DWAC violated “antifraud provisions” connected to initial public offering filings. The terms are not yet definitive, according to an SEC filing, and the final agreement is subject to approval by the commission. Prosecutors charge three investors with insider trading in Trump SPAC deal President Donald Trump speaks at the Faith and Freedom Road to Majority conference at the Washington Hilton on Jin Washington, DC. Republican presidential candidate former U.S.
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