A special purpose acquisition company intending to merge with former president Donald Trump’s Truth Social parent company said on Monday that it reached a not yet finalized settlement with the Securities and Exchange Commission (SEC) over some wrong filings and talks before an allowed date.
The special purpose company, Digital World Acquisition Corp. (DWAC), published the SEC filing on its website which said that a tentative settlement of a penalty of $18 million has been reached with the SEC over the violation of antifraud provisions relating to DWAC’s “IPO filings on Form S-1 and the Form S-4 concerning certain statements, agreements, and omissions relating to the timing and discussions the company [DWAC] had with TMTG regarding the proposed business combination,” DWAC’s SEC filing says.
