A blank-check firm, which was set to merge with former U.S. President Donald Trump’s media company and under regulatory investigation, has reached an agreement with the staff of the Securities and Exchange Commission, a filing showed on Monday., said in the filing that the agreement was in principle and not yet definitive, and the terms were subject to the SEC’s approval.
In October 2021, Trump’s newly formed media company, Trump Media & Technology Group , announced a deal to go public by merging with DWAC. But the SPAC deal was in doubt after the Justice Department and the SEC said they were investigating it.DWAC violated certain antifraud provisionsTrump’s media group previously agreed to combine with Digital World Acquisition Corp to bring the company public through a SPAC.If the SEC approves the settlement, it will enter a cease-and-desist order finding DWAC violated certain antifraud provisions in connection with the proposed merger.
While Trump’s media firm is not party to the settlement or any negotiations, DWAC cannot settle without the company’s written consent either, it said.
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