Regulators open inquiries into the SPAC that intends to merge with Trump's new ...

Regulators open inquiries into the SPAC that intends to merge with Trump's new ...
Regulators open inquiries into the SPAC that intends to merge with Trump's new ...

The publicly traded company that plans to merge with Donald Trump's new social media venture revealed on Monday that it is being investigated by federal regulators.

The disclosure came in a filing by Digital World Acquisitions Corp - a special purpose acquisition company (SPAC) or 'blank check' company - that said the Securities and Exchange Commission and the Financial Industry Regulatory Authority and FINRA regulatory agencies had asked for details of stock trading and communications with Trump’s company before the deal was announced.

It deals a blow to Trump's plans for an anti-censorship site two days after he announced his Truth Social had raised a further $1 billion in investments.

Sen. Elizabeth Warren called for an investigation last month, citing press reports that DWAC had been in talks with Trump since March, before the SPAC went public -possibly in breach of rules.

In a filing on Monday, DWAC said it had been asked by FINRA for information about its activities ahead of announcing a merger with Trump's company. 

'According to FINRA’s request, the inquiry should not be construed as an indication that FINRA has determined that any violations of Nasdaq rules or federal securities laws have occurred, nor as a reflection upon the merits of the securities involved or upon any person who effected transactions in such securities,' it said.  

Details of the investigations by the SEC and the Financial Industry Regulatory Authority were disclosed in an 8-K filing made by by Digital World Acquisition Corp., the special purpose acquisition company, to the SEC on Monday

Details of the investigations by the SEC and the Financial Industry Regulatory Authority were disclosed in an 8-K filing made by by Digital World Acquisition Corp., the special purpose acquisition company, to the SEC on Monday

Trump is working to launch his Truth Social platform in the first quarter of 2022. On Saturday, he announced it had raised $1 billion as part of his 'anti-censorship' push

Trump is working to launch his Truth Social platform in the first quarter of 2022. On Saturday, he announced it had raised $1 billion as part of his 'anti-censorship' push

Trump Media inked its deal with Digital World to go public in October at a valuation of $875 million, including debt

Trump Media inked its deal with Digital World to go public in October at a valuation of $875 million, including debt

The filing also

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