GOP Rep. Meuser presses SEC over delayed Truth Social Merger
“Please know that congressional scrutiny of this matter will continue” ~Rep. Dan Meuser
By
Pennsylvania Republican Rep. Dan Meuser on Tuesday asked that Securities and Exchange Commission (SEC) Chairman Gary Gensler expeditiously consider a settlement involving Digital World Acquisition Corp. (DWAC) so as to advance its merger with the Trump Media & Technology Group ahead of a looming deadline to complete the deal.
“The SEC’s primary mission is to protect investors, maintain fair markets, and facilitate capital formation,” Meuser wrote. “Yet, the current inaction and delay surrounding the DWAC SPAC settlement and S-4 review contradicts these fundamental objectives.”
Digital World is a a special purpose acquisition company (SPAC) that aims to merge with the firm operating Truth Social and thereby enable the platform’s appearance on the stock exchange. That process has long been delayed due to SEC scrutiny of Digital World; the merger proposal has a limited lifespan slated to end on Sept. 8.
DWAC filed its S-4 registration with the SEC in May of last year to merge with the Trump-controlled firm, but the SEC investigation has caused the commission to refuse to review the registration.
Digital world has already reached a “settlement in principle” with the SEC’s Division of Enforcement over securities violations, however, though it still needs commission approval before the Division of Corporate Finance can review Digital World’s registration.
Meuser (pictured here via Wikipedia) asked for the commission’s “prompt consideration” of the settlement so as to expedite the process ahead of the looming deadline.
“Please know that congressional scrutiny of this matter will continue,” he warned. “We trust that all components of the SEC will work towards a swift resolution that promotes public confidence in the Commission and allows for prompt consideration of DWAC’s filing.”
The lengthy delay of the merger has led some to suggest that the SEC is deliberately attempting to kill the deal in a bid to punish former President Donald Trump financially.
Trump Media & Technology Group CEO Devin Nunes has pointed to the abundance of individuals with ties to the former president’s political rivals in senior positions at the SEC.
“[Y]ou’ve got Gensler there, who[m] we outed as the guy who actually was the CFO for the Hillary campaign, who actually wrote the check to Fusion GPS,” he said in April. “You have Peter Strzok’s wife, who is there, the disgraced FBI agent who was running the Russia hoax. You have the general counsel there at the SEC, happens to be she used to work for Pelosi has now graduated up.”
He further accused Gensler of working “overtime to try to kill our company.”
“We’re a privately held company. We’ve been attempting to merge with a finance company. It’s a well-known mechanism,” he said. “The stockholders, the shareholders have voted overwhelmingly to stay involved in this. We have said that, ‘look, we’d like to get this deal completed.’ But it just goes nowhere. And it makes no sense.”
Meuser noted in his letter that he was writing on behalf of 350,000 retail investors who collectively control about $420 million. Firms conventionally seek to go public as a means of raising capital to finance expansion.
***
Ben Whedon is an editor and reporter for Just the News. Follow him on Twitter.
*********
(TLB) published this article with permission of John Solomon at Just the News. Click Here to read about the staff at Just the News
Header featured image (edited) credit: Truth Social/mobile screen/Getty Images
Emphasis and pictorial content added by (TLB)
••••
••••
Stay tuned to …
••••
The Liberty Beacon Project is now expanding at a near exponential rate, and for this we are grateful and excited! But we must also be practical. For 7 years we have not asked for any donations, and have built this project with our own funds as we grew. We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent. So we have just installed donation buttons on our websites and ask that you consider this when you visit them. Nothing is too small. We thank you for all your support and your considerations … (TLB)
••••
Comment Policy: As a privately owned web site, we reserve the right to remove comments that contain spam, advertising, vulgarity, threats of violence, racism, or personal/abusive attacks on other users. This also applies to trolling, the use of more than one alias, or just intentional mischief. Enforcement of this policy is at the discretion of this websites administrators. Repeat offenders may be blocked or permanently banned without prior warning.
••••
Disclaimer: TLB websites contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, health, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.
••••
Disclaimer: The information and opinions shared are for informational purposes only including, but not limited to, text, graphics, images and other material are not intended as medical advice or instruction. Nothing mentioned is intended to be a substitute for professional medical advice, diagnosis or treatment.
Leave a Reply