Defendant Name: Digital World Acquisition Corp.

Defendant Type: Public Company

Document Reference: 2023-135

Document Details

Legal Case Name In the Matter of Digital World Acquisition Corp.
Document Name SEC Charges Digital World SPAC for Material Misrepresentations to Investors
Document Date 20-Jul-2023
Document Format Administrative Proceeding
File Number 3-21534
Allegation Type Securities Offering
Document Summary On July 20, 2023, the SEC "announced settled fraud charges against Digital World Acquisition Corporation (DWAC), a special purpose acquisition company (SPAC), for making material misrepresentations in forms filed with the SEC as part of DWAC’s initial public offering and proposed merger with Trump Media & Technology Group Corp. (TMTG). The Commission finds that DWAC misled investors and the SEC by failing to disclose that it had formulated a plan to acquire and was pursuing the acquisition of TMTG prior to DWAC’s IPO."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Undertaking: "DWAC . . . agreed to undertake that, should DWAC file an amended Form S-4, any such Form S-4 will be materially completeand accurate and consistent with the findings in the SEC’s order."
Monetary Penalties:

Civil Penalty

Individual:     $18,000,000.00 Shared:    

Related Documents:

33-11213 20-Jul-2023 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On July 20, 2023, the SEC instituted settled cease-and-desist proceedings against Digital World Acquisition Corp., stating: "This matter concerns materially false and misleading statements and omissions by DWAC, a special purpose acquisition company (“SPAC”) that in October 2021 announced an agreement to merge with Trump Media & Technology Group Corp. (“TMTG”), a social media company."

Related Actions:

SEC v. Patrick Orlando
Patrick Orlando