Rep. Meuser Leads Follow-Up Letter to SEC Urging Consideration of DWAC-Truth Social Merger
WASHINGTON, D.C. — Today, Congressman Dan Meuser (PA-09) sent a letter to Securities and Exchange Commission (SEC) Chairman Gary Gensler urging speedy consideration of the Digital World Acquisition Corp. (DWAC)-Truth Social merger.
After clearing several bureaucratic hurdles imposed by the SEC over the past year, DWAC submitted a revised S-4 filling for consideration on November 14, 2023. Approval of this form is the final step in the merger process, yet the SEC has once again failed to take up the matter.
The patience of DWAC's investors has already been significantly tested due to the postponed review of the initial S-4 filing, the protracted timeline of the SEC's investigation, and other drawn-out delays. Despite these setbacks, investors demonstrated their commitment to this investment on September 5, 2023, by voting to extend DWAC’s deadline to complete a merger. This action and continued support for the merger is evidence of the investors’ interest in moving forward without further delay.
For nearly a year, Congressman Meuser has been seeking answers and fighting on behalf of Truth Social’s small, blue-collar investors that have been harmed by the SEC’s delay. Meuser has questioned SEC Chairman Gensler and General Counsel Barbero in open hearings, formally written to Chairman Gensler, and has regularly corresponded and met with other SEC officials on the matter.
Meuser said, “The SEC’s mission is to protect investors, maintain fair and orderly markets, and facilitate capital formation. We must now see this mission in action through the expedient handling of this matter. The prolonged uncertainty the SEC created through extensive delays which characterized the DWAC situation is counterproductive for all parties involved. A timely resolution is in the best interest of all 350,000 investors and the markets at large, and I urge the SEC to prioritize the review process for DWAC's S-4 filing.”
Text of the letter can be found here.
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