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Truth Social SPAC Agrees To Pay $18 Million To Settle SEC Investigation Into Merger

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If the SEC approves the settlement, it will enter a cease-and-desist order, finding DWAC “violated certain antifraud provisions of the Securities Act and the Exchange Act.”

The violations pertain to DWAC’s initial public offering process and “certain statements, agreements and omissions relating to the timing and discussions” with TMTG.

The filing notes that TMTG is not a party to the settlement and the company may disapprove and “try to terminate” the merger.The company said the settlement will help “remove the cloud of uncertainty lingering over DWAC and would allow DWAC to move forward in achieving its objective of delivering a strategic merger.

 

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