Truth Social Backers To Pay $18 Million Fine To SEC

Axios reports:

Digital World Acquisition Corp., the special purpose acquisition company that inked a deal to acquire former President Trump’s media and tech company, said on Monday that it has struck a tentative settlement with securities regulators.

The SEC’s probe into the merger, which would result in Trump’s Truth Social becoming a publicly traded company, has delayed the deal considerably. It has until Sept. 8 to close, or the parties can walk away.

Under the tentative settlement, DWAC would pay an $18 million penalty and revise some of its regulatory filings. The U.S. Justice Department and the SEC last week filed separate charges against three individuals over insider trading related to the merger.

Read the full article.

The SPAC that inked a deal to acquire former President Trump’s media and tech company said today that it has struck a tentative settlement with securities regulators https://t.co/oBqdK8unus

— Axios (@axios) July 4, 2023

Truth Social SPAC Agrees To Pay $18 Million To Settle SEC Investigation Into Mergerhttps://t.co/6RFNEaJdZm pic.twitter.com/pwJJBSFuou

— Forbes (@Forbes) July 4, 2023