But the #SEC, which requires a #SPAC to meet #disclosure requirements & other closing conditions before permitting a #merger, said in July that it had investigated #DigitalWorld & found it had made “material #misrepresentations” to #investors.
In filings dating back to its Sept 2021 #IPO, Digital World execs said they had not participated in merger discussions w/any companies when in fact they’d started speaking w/#Trump Media months earlier, in violation of federal anti-#fraud guidelines….
#sec #spac #disclosure #merger #digitalworld #misrepresentations #investors #ipo #fraud
Once the SPAC decides on & discloses its target, it works to merge w/that co & bring it to the #public stock market, avoiding some of the demands of a more traditional #IPO.
If the #SPAC is unable to complete the #merger w/in the time it specifies, it must return the money it raised to #shareholders.
#DigitalWorld completed its IPO on Sept 8, 2021, & set a “termination date” for when the #merger would be completed 1 yr later, it said in #SEC filings.
#public #ipo #spac #merger #shareholders #digitalworld #sec
If the vote fails, #DigitalWorld will be required by #law to liquidate and return $300M to its #shareholders, leaving #Trump’s co w/nothing from the transaction.…
DigitalWorld’s efforts to merge w/#TrumpMedia have been troubled almost from the start, beset by allegations that it began its conversations w/TFG’s company before they were permitted under #SPAC rules.
#digitalworld #law #shareholders #trump #spac
#Trump’s #media #StartUp announced in Oct 2021 that it planned to #merge w/a Miami-based co called #DigitalWorldAcquisition…
Now, almost 2yrs later, … w/the #merger stalled for months, #DigitalWorld is fast approaching a Sept 8 deadline for the merger to close & has scheduled a #shareholder meeting for Tues in hopes of getting enough votes to #extend the deadline another year.
#Tech #SPAC #InsiderTrading #SEC
https://www.washingtonpost.com/technology/2023/09/02/truth-social-trump-media-digital-world/
#trump #media #startup #merge #digitalworldacquisition #merger #digitalworld #shareholder #extend #tech #spac #insidertrading #sec
20 20 24 hours to go…. #gnr #gunsnroses #spac #Saratoga
#gnr #gunsnroses #spac #saratoga
Phish raises $3.5 million for flood relief at SPAC concerts | Local News | reformer.com
At setbreak last night I took an extemewly awkward step walking up the ramp from the bottom of the lawn. I knew it wasn’t great but I powered thru the 2nd set with a little help from whiskey and advil.
This AM my foot is massively bruised and hurts like hell.
Still worth it to witness the Trey/Derek fireworks.
Phish to play benefit shows for flood recovery next month - VTDigger
https://vtdigger.org/2023/07/25/phish-to-play-benefit-shows-for-flood-recovery-next-month/