DWAC, the Trump Social-Media SPAC, Surges: What to Know

Discussion in 'Politics' started by kmiklas, Oct 22, 2021.

  1. Overnight

    Overnight

    I'm as "center" a person you'll ever meet.

    I believe in the 2A for responsible citizens. You can have 500 guns, IDGAF. As long as you know how to handle the firearms safely.

    I believe in the women's right to choose the fate of her body, no matter the age of the fetus. You show me a person alive today that remembers being in the womb and having thoughts and feelings, WITHOUT COACHING FROM THE PARENTS AS THEY GREW UP, and I might change my mind on it.

    "Illegal immigration". Contradiction in terms. If you are "illegal", you are not an immigrant. GTFO. Come back when you learn how to speak American English, and pay taxes on your earnings. Do those two things, and yer fine. Get a SS#. PAY INTO THE SYSTEM THAT IS NOW PAYING YOU.

    Anything else I need to post that shows I am a "centrist"?
     
    #81     Dec 4, 2021
  2. SunTrader

    SunTrader

    Yes like some others on this topic, reality would be nice. ;)
     
    #82     Dec 5, 2021
  3. gwb-trading

    gwb-trading

    #83     Dec 5, 2021
  4. SunTrader

    SunTrader

    Opened @ $49.10 and currently @ $43.10

    So boys and .... tRump fanbois simple math says down $6.00 already and the day is still young.
     
    #84     Dec 6, 2021
  5. gwb-trading

    gwb-trading

    Trump SPAC under investigation by federal regulators, including SEC
    https://www.cnbc.com/2021/12/06/trump-spac-investigated-by-federal-regulators-including-sec.html
    • Federal regulators are investigating former President Donald Trump’s SPAC deal.
    • The SEC and FINRA probes were disclosed in a filing by Digital World Acquisition Corp., the special purpose acquisition company on track to merge with Trump Media & Technology Group.
    • Trump has said his company will launch a social media platform called “TRUTH Social.”
    • The platform would purportedly compete with Twitter and Facebook, both of which have banned the former president because of his incitement of the Jan. 6 Capitol riot.
    The SPAC that plans to merge with former President Donald Trump’s new social media company revealed Monday that the Securities and Exchange Commission and another regulator weeks ago asked it for information regarding stock trading and communications with Trump’s firm before the deal was announced.

    The investigations by the SEC and the Financial Industry Regulatory Authority were disclosed in an 8-K filing with the SEC by Digital World Acquisition Corp., the special purpose acquisition company on track to merge with Trump Media & Technology Group.

    Trump’s company plans to launch a social media platform called “TRUTH Social,” which purportedly would compete with Twitter and Facebook, both of which have banned the former president because of his incitement of the Jan. 6 Capitol riot. CNBC last week reported that the company apparently had missed an announced November deadline for the launch of a beta version of TRUTH Social.

    DWAC shares were trading at $43.19 per share on Monday morning, down almost 3% on news of the filing, even as equity markets broadly were higher.

    The filing comes just two days after Trump Media & Technology Group and DWAC said the SPAC had reached agreements to obtain $1 billion in committed capital from a “diverse group of institutional investors” to be received when the merger is consummated. The identities of those investors in that so-called PIPE, or private investment in public equity, were not publicly disclosed.

    Monday’s 8-K filing by DWAC detailed the terms of the PIPE, whose subscribers will get shares with an initial conversion price of $33.60 per share.

    The SEC and FINRA investigations were disclosed at the end of the filing.

    DWAC and Trump’s firm did not immediately respond to an email from CNBC asking why the investigations were only being disclosed weeks after DWAC was contacted by the regulators and also whether investors in the PIPE were previously told about the probes when their capital was being solicited.

    In its filing, the SPAC firm said that shortly after the deal to merge with Trump’s company was announced, FINRA asked for information about stock trading “that preceded the public announcement of the October 20, 2021 Merger Agreement.”

    DWAC’s stock price dramatically increased after the deal was announced, and trading volume in the company’s shares exploded.

    Shares of the blank-check firm, which had been trading at around $10 per share before the merger was disclosed,, rocketed to as high as $175 per share in the days afterward.

    DWAC also said Monday that in early November, the SEC sent DWAC a voluntary information and document request that sought documents related to DWAC board meetings, policies about stock trading, the identities of certain investors and details of communications between DWAC and Trump’s social media firm.

    The filing said that both the SEC and FINRA indicated in their requests that there has been no determination of a violation of securities laws or other wrongdoing by the company.

    DWAC’s filing comes three weeks after Sen. Elizabeth Warren, D-Mass., asked the SEC to investigate possible securities violations involving the merger.

    Warren in her request noted news reports that said DWAC “may have committed securities violations by holding private and undisclosed discussions about the merger as early as May 2021, while omitting this information in [SEC] filing and other public statements.”

    But the investigations by the SEC and FINRA predate Warren’s request, according to DWAC’s 8-K filing.

    “DWAC has received certain preliminary, fact-finding inquiries from regulatory authorities, with which it is cooperating,” the company said in the filing.

    “Specifically, in late October and in early November 2021, DWAC received a request for information from FINRA, surrounding events (specifically, a review of trading) that preceded the public announcement of the October 20, 2021 Merger Agreement,” the filing said.

    “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.”

    “Additionally, in early November 2021, DWAC received a voluntary information and document request from the SEC which sought, inter alia, documents relating to meetings of DWAC’s Board of Directors, policies and procedures relating to trading, the identification of banking, telephone, and email addresses, the identities of certain investors, and certain documents and communications between DWAC and TMTG,” DWAC’s filing said.

    “According to the SEC’s request, the investigation does not mean that the SEC has concluded that anyone violated the law or that the SEC has a negative opinion of DWAC or any person, event, or security.”
     
    #85     Dec 6, 2021
  6. SunTrader

    SunTrader

    "Anybody that doesn't think there wasn't massive election fraud in the 2020 presidential election is either very stupid, or very corrupt!"

    Guess who - earlier today?

    LMMFAO

    Everyday he makes Sleepy Joe look and sound that much smarter.
     
    #86     Dec 6, 2021
  7. gwb-trading

    gwb-trading

    CEO of Trump's social media 'blank check company' sued by investor for 'brazen act of fraud': report
    https://www.rawstory.com/trump-truth-social-lawsuit/

    On Thursday, Axios reported that a private equity investor, Brian Shevland, is suing the CEO of the so-called "blank check company" behind former President Donald Trump's attempt to build a new social media platform — and that he is alleging a fraud scheme.

    The lawsuit comes just a week after Digital World Acquisition Corp. (DWAC), led by Patrick Orlando, disclosed that it's under investigation by federal securities regulators. It also comes several months before Trump's company is slated to launch its first public products," reported Dan Primack. "Shevland was an early director nominee of DWAC, but claims in his lawsuit that he was removed by Orlando without warning or notification — a move that denied him thousands of shares and the ability to buy more stock at a very low price."

    "The complaint suggests that conversations between Orlando and Trump began months before DWAC went public, which could violate federal securities law," the report continued. "It also said that DWAC originally planned to pass on the Trump deal 'due to opposition from board members who rejected an affiliation with former President Trump for personal reasons.'"

    Trump's company, which seeks to build a right-wing social network called "Truth Social," has run into a number of controversies, including that many investors were apparently unaware of the former president's involvement at the time they were enticed to invest.

    Meanwhile, "Truth Social" has missed its launch date and appears to be built on shaky technology, and many investors appear eager to cash out, which led Popular Information's Judd Legum to speculate the whole venture could be a "pump-and-dump" scheme.

    You can read the complaint here.
     
    #87     Dec 17, 2021
    SunTrader likes this.
  8. SunTrader

    SunTrader

    Help me, help me I've fallen and can't get up:-

    53.84 -6.43 (-10.67%)
     
    #88     Jan 7, 2022
  9. Mercor

    Mercor

    You should have been buying DWAC instead you have been mocking the people who have made money
    6 Month return = 444.92%

    upload_2022-1-7_10-20-22.png
     
    #89     Jan 7, 2022
  10. userque

    userque

    You do realize that cherry-picking is not a secret technique that few are aware of? Right?

    [​IMG]
     
    #90     Jan 7, 2022
    SunTrader likes this.