's new media company finds itself under scrutiny by the Securities and Exchange Commission after the regulator announced it had opened a probe into the special purpose acquisition company set to take the Trump venture public.by the SEC as well as the Financial Industry Regulatory Authority into trading that preceded the October 20 announcement that DWAC and Trump Media & Technology Group would merge.
"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 read."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.
Outlets reported former President Donald Trump met with DWAC Executive Patrick Orlando before announcement of the merger of his media company. Here, Trump boards Air Force One before departing Harlingen, Texas on January 12.The SEC similarly backed that this request should not indicate wrongdoing but rather represents an investigation into any potential violations committed as a result of the early meetings.asking the commission to open a probe into the Trump SPAC.