Trump Media & Technology Group Issues Statement on Proposed Merger with Digital World Acquisition Corp.

Rhea-AI Summary

Trump Media & Technology Group (TMTG) has criticized the SEC for delaying the review of its proposed merger with Digital World Acquisition Corp. (DWAC). The statement claims the SEC's review has extended for 115 days without significant feedback, whereas the typical timeframe is 30 days. TMTG argues this delay is causing financial harm to DWAC investors, predominantly small retail shareholders, and calls for a fair and swift conclusion to the review process. The company urges the SEC to eliminate any political bias from its decision-making.

Positive

• Emphasis on protecting small retail shareholders amidst regulatory delays.
• Potential for a swift resolution if the SEC acts promptly.

Negative

• Prolonged SEC review of 115 days causing financial harm to investors.
• Possible implications of political considerations in regulatory processes.

SARASOTA, Fla., Sept. 08, 2022 (GLOBE NEWSWIRE) -- Today, Trump Media & Technology Group (“TMTG”) released the following statement regarding its proposed merger with Digital World Acquisition Corp. (“DWAC”):

“The SEC has needlessly delayed its review of our proposed merger, causing real and unnecessary financial harm to DWAC investors, roughly 90 percent of whom are small, retail shareholders whom the SEC is chartered to protect. Despite its standard practice to provide comments within 30 days, the SEC has failed to give meaningful feedback on DWAC’s registration statement for a stunning 115 days and counting. In the interests of simple fairness, the SEC needs to set aside any improper political considerations and bring its review to a swift conclusion.”

Investor Relations Contact:
MZ Group - North America
tmtgir@mzgroup.us

Media Contact:
press@tmtgcorp.com

FAQ

What is the current status of the DWAC merger with TMTG as of September 2022?

The merger is waiting for SEC review, which has been delayed for 115 days.

How has the SEC's delay affected DWAC investors?

The delay has caused financial harm to DWAC investors, primarily small retail shareholders.

What actions has TMTG requested from the SEC regarding the merger?

TMTG has called for the SEC to expedite its review and eliminate any political biases.

What percentage of DWAC investors are small retail shareholders?

Approximately 90% of DWAC investors are small retail shareholders.

What is the expected impact of the merger on DWAC investors?

The merger's completion could potentially benefit DWAC investors, but delays pose risks.