Connect with us


DWAC seeks to delay merger with Trumps Truth Social Company amid federal investigations





Digital World Acquisition Corp., the special purpose acquisition company that plans to merge with the company behind former President Donald Trump’s Truth Social platform, is asking its shareholders to extend the closing date of the deal through 2023, in part because of federal investigations into the deal. .

This illustration photo shows a person browsing the App Store on a smartphone for “Truth Social”,… [+] with a photo of former President Donald Trump on a computer screen in the background, in Los Angeles on October 20, 2021. (Photo by CHRIS DELMAS/AFP via Getty Images)

AFP via Getty Images Highlights

As the usual two-year deadline since inception approaches for the blank check company to reach a deal or return its funding to investors, DWAC is seeking a one-year extension until Sept. 8, 2023, according to a filing from the Securities and Exchange Commission. Friday.

DWAC warned that might not even be enough, noting that investigations could hamper its ability to gain regulatory approval, which it said “could force us to liquidate.”

DWAC announced plans in October to merge with a new company called Trump Media and Technology Group (TMGT) to publicly list the former president’s affiliate.

To monitor

The company warned in the filing that the investigations “could result in the imposition of significant penalties, injunctions, prohibitions on conducting our business, damage to our reputation and other sanctions against us.”

Key Context

The SEC launched an investigation into DWAC in December after allegations surfaced that company executives may have held talks with TMGT prior to DWAC’s initial public offering, which violates regulations prohibiting SPACs from enter into merger agreements before raising funds. The DWAC also revealed last month that it was the subject of a criminal investigation by the Department of Justice. It is stated in the regulatory filings that each member of the company’s board of directors received a grand jury subpoena requesting information about communications with “several people and information regarding Rocket One Capital,” a Little-known Miami-based private equity firm.

Further reading

Trumps Truth Social SPAC shares tumble after federal grand jury issues subpoenas (Forbes)

SPAC shares behind social media firm Trump jump 400% (Forbes)




The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos


to request, modification Contact us at Here or co[email protected]