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Michael_Lawrence wrote a post · Dec 7, 2021 03:19

Trump's Media Company Is Investigated Over Financing Deal

$Digital World Acquisition Corp (DWAC.US)$ $Phunware (PHUN.US)$
Blank-check companies like Digital World, also called special purpose acquisition companies, or SPACs, sell their shares to investors first and then go looking for a business to merge with. They aren't supposed to have a deal lined up before selling shares.
Digital World said regulators were investigating. The Securities and Exchange Commission has requested information about the deal, including the identities of some investors and "certain documents and communications" between the SPAC and Mr. Trump's company, Trump Media & Technology Group.
If regulators find that Digital World's filings included false or misleading statements, they could take action against the company or its backers - potentially complicating the planned merger. Hundreds of millions of dollars are at stake for Mr. Trump's company: Last week, Trump Media announced that unidentified investors had agreed to plow $1 billion into the company — on top of the nearly $300 million that Digital World raised in its September initial public offering.

Contents excerted from New York Times.
Trump's Media Company Is Investigated Over Financing Deal
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Michael_Lawrence
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