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Trump Media Venture Slides As SEC Demands Documents

Courtesy of ZeroHedge View original post here.

Shares of the new Trump media SPAC skidded Monday shortly after US markets opened after the firm announced over the weekend that it had succeeded in raising a $1 billion private capital infusion – more formally known as a "PIPE" – valuing the shell company with Trump's name on it at $4 billion.

Apparently, the SPAC's surging valuation has caught the eye of authorities, which is why DWAC was forced to announce Monday that it is cooperating with the SEC, sending its shares sputtering lower.

Shares were off $10 from their recent highs on the news.

In an 8-k filing, the company revealed that it has received notifications from both FINRA and the SEC demanding documents. The company insists it's cooperating.

DWAC has received certain preliminary, fact-finding inquiries from regulatory authorities, with which it is cooperating. 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. 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. 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.

Both regulators are sniffing around for rule violations, but at least the SEC is being somewhat transparent about the fact that this is a massive fishing expedition. But we can't help but wonder if they would be as aggressive under a Republican administration?


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