Rep. Meuser Leads Letter to SEC Urging Speedy Consideration of DWAC-Truth Social Merger Before Time Runs Out

WASHINGTON – Today, Congressman Dan Meuser (PA-09) sent a letter to Securities and Exchange Commission (SEC) Chairman Gary Gensler urging speedy consideration of the DWAC-Truth Social merger as the deadline for approval approaches. The current deadline for approval is September 8, 2023.

For over a year, the SEC’s Division of Corporation Finance has refused to review the Form S-4 registration statement filed by DWAC due to an ongoing investigation by the Division of Enforcement. Now, with a settlement in principle having been reached between the SEC and Digital World Acquisition Corp, there should no longer be a roadblock for consideration.

For months, 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, in addition to regularly corresponding and meeting with other SEC officials on the matter.  

“The SEC’s primary mission is to protect investors, maintain fair markets, and facilitate capital formation,” Meuser said. “Yet, the current inaction and delay surrounding the DWAC SPAC settlement and S-4 review directly contradict these fundamental objectives. I’ve been seeking answers for months, and the limited timeframe remaining for approval is a direct result of the Commission’s prolonged investigation. I am once again urging the SEC to call a prompt vote on consideration of the merger as the deadline looms.”

Text of the letter can be found here.

###