Fogbow

northland10 wrote: ↑Tue Sep 05, 2023 10:03 pm Looks like the shareholders have given DWAC a reprieve.

Trump’s Truth Social merger with SPAC wins 1-year reprieve with shareholders vote
https://www.marketwatch.com/story/trump ... e-c46f5ec5

noblepa wrote: ↑Wed Sep 06, 2023 1:48 pm

northland10 wrote: ↑Tue Sep 05, 2023 10:03 pm Looks like the shareholders have given DWAC a reprieve.

Trump’s Truth Social merger with SPAC wins 1-year reprieve with shareholders vote
https://www.marketwatch.com/story/trump ... e-c46f5ec5

Pardon my language, but that is unfuckingbelievable.

somerset wrote: ↑Wed Sep 06, 2023 2:06 pm

noblepa wrote: ↑Wed Sep 06, 2023 1:48 pm

northland10 wrote: ↑Tue Sep 05, 2023 10:03 pm Looks like the shareholders have given DWAC a reprieve.

Trump’s Truth Social merger with SPAC wins 1-year reprieve with shareholders vote
https://www.marketwatch.com/story/trump ... e-c46f5ec5

Pardon my language, but that is unfuckingbelievable.

Why?

Most of the investors have already lost 90% of their money. The downside to extending the deadline is possibly (likely) losing more, but when you've already lost most of your investment, does it really matter? It's one thing to cut your losses when 10%, 20% or even 50%. But when you're looking at getting maybe 10% of your money back, you might as well stay in and hope for a miracle.

p0rtia wrote: ↑Wed Sep 06, 2023 2:33 pm

I assumed it was a given that they'd do the year extension. Nobody on that side of the Great Divide of Grift is gonna be the ones who destroy fuckhead. Somebody has to bail him and all his companies out. Otherwise the space-time continuum would collapse.

MONEYWATCH
Trump Media's funding partner says it's returning $1 billion to investors, with many asking for money back
moneywatch
BY AIMEE PICCHI

UPDATED ON: OCTOBER 13, 2023 / 6:57 AM / MONEYWATCH

The funding partner for Trump Media & Technology Group said that it will return the remaining $533 million of the $1 billion raised to finance the venture after investors canceled $467 million of commitments.

Digital World Acquisition Corp. (DWAC), a so-called special-purpose acquisition company, said in a regulatory filing that it has received termination notices from investors for $467 million of the funding. The remaining $533 million will be returned to investors, with DWAC CEO Eric Swider saying in a press release that the decision is a "positive development" as Trump's media group focuses on developing a "sustainable business model."

The loss of funding for DWAC appears to be a step backward for the prospective merger between the company and Trump's media outfit, which runs Truth Social, a social media service with a conservative flavor. When the merger was first announced in 2021, it sparked an 800% surge in DWAC's shares, prompting comparisons to meme stocks.

The stock, which topped $100 in 2022, was at $15.40 ahead of the start of trade on Friday. Since then, however, the merger has faced numerous obstacles, including regulatory scrutiny.

The company planning to merge with Trump Media & Technology Group, owner of the Truth Social platform, has now walked away from two years of financial statements after informing the Securities and Exchange Commission on Monday that its audited financials for 2021 “should no longer be relied upon.”

In May, Digital World Acquisition Corp issued a similar notice to the SEC regarding its financial statements for the year ending Dec. 31, 2022.

The retractions began after Digital World’s management, audit committee and advisors concluded that an error mandated reissuing the company’s audited financial statements. Digital World’s filings don’t identify the mistake, but say it is indicative of “a material weakness” in the company’s “internal control over financial reporting,” and that “the company’s disclosure controls and procedures were not effective.”

Digital World plans to reissue the financial statements and also share a plan to address the issues. It did not provide a time frame.

MN-Skeptic wrote: ↑Tue Oct 17, 2023 1:57 pm Trump’s SPAC Now Says Its 2021 Financial Statements ‘Should No Longer Be Relied Upon’

The company planning to merge with Trump Media & Technology Group, owner of the Truth Social platform, has now walked away from two years of financial statements after informing the Securities and Exchange Commission on Monday that its audited financials for 2021 “should no longer be relied upon.”

accounting restatements were typically related to five specific areas, each of which generally requires technical accounting and reporting expertise: revenue recognition, deferred tax assets and liabilities, leases, equity awards, and earnings per share (EPS).

raison de arizona wrote: ↑Tue Oct 17, 2023 2:39 pm Did they forget to put on a powerful disclaimer? You can lie and commit fraud, you know, as long as you have a powerful disclaimer.

raison de arizona wrote: ↑Tue Oct 17, 2023 2:39 pm Did they forget to put on a powerful disclaimer? You can lie and commit fraud, you know, as long as you have a powerful disclaimer.

bill_g wrote: ↑Wed Oct 18, 2023 7:45 am I fired up ChatGOP requesting a universal disclaimer, and here is what popped out:

If you read it in this report, it's not what we meant.
And if you think it's what we meant, that's not what we wrote.
Read it again.

noblepa wrote: ↑Thu Oct 19, 2023 11:55 am I confess that I had never heard of a SPAC before this episode, but I'm still confused as to why the deal has not closed.

I've read recently that the SPAC is going to refund a billion dollars to investors. If they had that much money available to refund, why wasn't that enough to close the deal?

Was TFG asking for even more than that?

What was the hold up?