Posted on Apr 2, 2023
Truth Social execs facing financial catastrophe as deadline looms
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https://www.rawstory.com/trump-truth-social [login to see] /
Executives for the special purpose acquisition company (SPAC) tied to struggling Truth Social — the Donald Trump-centric social media platform are facing a September deadline to get Securities Exchange Commission approval for their pending merger or they will be forced to return millions to investors.
Executives for the special purpose acquisition company (SPAC) tied to struggling Truth Social — the Donald Trump-centric social media platform are facing a September deadline to get Securities Exchange Commission approval for their pending merger or they will be forced to return millions to investors.
Truth Social execs facing financial catastrophe as deadline looms
Posted from rawstory.comPosted in these groups: US Securities and Exchange Commission
Donald Trump
Social Media
Investing
Investigation
Donald Trump Social Media Investing Investigation
Posted 1 y ago
Responses: 2
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PO1 William "Chip" Nagel
...""Executives of Trump Media and some shareholders of Digital World have accused the S.E.C. of trying to run out the clock. 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," the report states. "SPACs are not allowed to hold serious merger discussions before they go public, and if they do, it can violate federal securities laws. Federal authorities are trying to determine if Digital World’s talks with Trump Media were substantive enough that they should have been disclosed before the SPAC sold shares to the public in September 2021."
According to one expert in securities laws, Michael Klausner of Stanford Law School, "If it was clearly prearranged, that was an egregious violation. The S.E.C. has the discretion to stop a merger where the disclosures violate security laws.”
...""Executives of Trump Media and some shareholders of Digital World have accused the S.E.C. of trying to run out the clock. 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," the report states. "SPACs are not allowed to hold serious merger discussions before they go public, and if they do, it can violate federal securities laws. Federal authorities are trying to determine if Digital World’s talks with Trump Media were substantive enough that they should have been disclosed before the SPAC sold shares to the public in September 2021."
According to one expert in securities laws, Michael Klausner of Stanford Law School, "If it was clearly prearranged, that was an egregious violation. The S.E.C. has the discretion to stop a merger where the disclosures violate security laws.”
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