Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

Trump Media & Technology Group Corp DWAC


Primary Symbol: DJT

Trump Media & Technology Group Corp. (TMTG) is a social media and technology-focused company. The Company's product, Truth Social, is a social media platform where any user can create content, follow other users and engage in an open global conversation. The Company does not restrict whom a user can follow. Additionally, users can be followed by other users without requiring a reciprocal relationship, enhancing the ability of its users to reach a broad audience. Its brands consist of Truth Social, TMTG+, and TMTG News. TMTG is also engaged in operates a TV streaming platform, Truth+, across the entire Truth Social platform-iOS, Android, and the Web. The streaming service relies on TMTG's custom-built content delivery network (CDN), which operates through a newly opened data center as the Company works to bring additional data centers into operation. TMTG's streaming technology is powered through specially designed infrastructure with its own servers, routers, and software stack.


NDAQ:DJT - Post by User

Post by modulexon Dec 06, 2021 2:31pm
274 Views
Post# 34203166

DWAC

DWACDigital World Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While we may pursue an initial business combination target in any business or industry, we intend to focus on combining with a leading tech company.

Digital World Acquisition Corp. (Filed by) CIK0001849635 (see all company filings)

IRS No.854293042 | State of Incorp.: DE | Fiscal Year End: 1231
Type: 425
SIC6770 Blank Checks
Office of Real Estate & Construction

Business Address5910 PACIFIC CENTER BLVD., SUITE 300SAN DIEGO CA 921218582005871
MAILING ADDRESS
5910 PACIFIC CENTER BLVD., SUITE 300SAN DIEGO CA 92121
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001849635/000119312521348593/d242442d8k.htm

https://www.sec.gov/edgar/browse/?CIK=1849635&owner=exclude



What is a SPAC? (Special Purpose Acquisition Company)

SPACs are companies that raise money with a ‘blank check’ then quickly take a private company public in a way that bypasses the traditional public stock offering, or IPO (Initial Public Offering).

Managers of SPACs can create a pot of money and identify the sector they are interested in investing in but cannot make prior insider agreements with individual companies. After they are formed they have a two-year window to identify partner companies and complete their mergers.

The merger with Trump Media was agreed at surprising speed. Under the securities rules governing SPACS, the company had to prove that it had no acquisition goals in mind as of its Sept 2 IPO.

SPACS were created originally to help small companies who lack the legal, accounting and banking resources of large companies better able to handle cumbersome regulations. SPACs typically face fewer regulatory requirements than a traditional IPO, but the Securities and Exchange Commission (SEC) has been looking at tightening the rules after a series of company collapses that raised questions about adequate protection for small investors.

Some experts are asking why Trump use a SPAC to fund his new venture. Trump’s reputation since leaving the White House and returning to public life has failed to attract interest from major banks and financial funds. The Trump Organization is also facing mounting losses at some businesses and a criminal indictment of its chief financial officer, Allen Weisselberg. The SPAC allows Trump to raise money from an alternative source, tapping into his political popularity.


Who is behind Trump’s SPAC partner?

The financier running Digital World Acquisition is Patrick Orlando, a Peruvian businessman based in Miami with two degrees from MIT who specializes in SPACs.

Orlando is the CEO of Benessere Capital LLC, an investment consulting and investment banking firm he founded in Miami in October 2012. He is also CEO of Yunhong International, another SPAC located in an office building in Wuhan, China, according to SEC filings, which offers nutrition supplements.

Orlando previously served as Chief Technology Officer of Pure Biofuels Corporation, a Peruvian venture that raised millions of dollars from investors to fund the construction of a biodiesel processing plant whihc was later bought by Texas petrochemical company Valero.

Before that, Orlando was Director of Emerging Markets Derivatives at Deutsche Bank, a firm that served as the primary lender for the Trump Organization.

It is not clear how he teamed up with Trump in the SPAC merger.

Orlando didn’t reply to an email requesting an interview.

DWAC's Chief Financial Officer is Luiz Philippe de Orleans e Braganca, according to SEC documents, a member of Brazil’s national congress and self-proclaimed Brazilian heir to the former monarchy that was overthrown in 1889.

Philippe received his Masters from Stanford University and previously worked for a New York City-based investment bank.

After the merger, he posted a photo with Trump on Instagram.

Mexican partner

 

One of the architects of the merger is Abraham Cinta, a Mexican businessman living in China who has worked on several deals with Orlando, according to SEC financial documents.

Cinta’s firm, ARC Group Ltd. has offices in Shanghai and Wuhan, as well as Mexico City, Miami, and Singapore, according to its website.

Cinta has helped over a dozen companies list in the U.S., and has been involved in more than $2 billion of deals, according to a biography posted on a private equity conference website. He studied international business administration at the private Universidad de las Americas in Puebla, Mexico, and the University of Wales in the United Kingdom. He previously worked at Mexico’s welfare ministry, the biography shows.

He has started several SPACs with Cinta.

In 2017, the SEC suspended one of Cinta's companies for alleged “untrue statements of material facts” regarding the operations of Arc Lifestyle Group and an executive office in Miami that was nothing more than a mailbox.

The SEC said Cinta, and other business partners, purported to run several businesses selling Korean designer apparel, Spanish wine and olive oil. “Arc’s registration statement makes several misstatements that create “the false appearance of operations around the world and within the United States.”It concluded that Arc had no current inventory of olive oil to sell and “had no genuine intent to develop its planned principal operations at the time the registration statement was filed.”

What next?

The Digital World SPAC must now publicly release an S-4 regulatory filing with the SEC containing financial information and the ownership structure of Trump’s new venture. Under the merger, the SPAC will own about 15-20% of the new company, leaving Trump holding the rest.

TRUMP ORG: A MAGNET FOR DIRTY BUSINESSMEN
 

Many of the organization’s international partners have
faced scandals involving corruption, fraud, money
laundering and drug trafficking. Here's an in-depth look
at the company’s licensing business around the world,
focusing on controversial projects in Mexico, Brazil,
Dominican Republic and Panama.

 

By Inti Pacheco, Manuela Andreoni, Alex Mierjeski and Keenan Chen

In late 1997, Donald Trump was beginning to bounce back from near financial ruin. Two years earlier, his financial losses had totaled $916 million following a string of bankruptcies at Trump casinos and other properties earlier in the decade, according to tax records published in late 2016. But then, Trump stumbled upon a deal that would change the course of his real estate business.

In Seoul, South Korea, a proposed tower on the banks of the Han River needed a name to convey luxury to prospective buyers. The project’s developer, the Daewoo Group, wanted to pay Trump for the use of his name, nothing more. Under the arrangement, Trump would receive a branding fee and a percentage of the building’s annual revenue, a strategy that is common among international hospitality brands.The cases involved velopers or investors who have faced criminal allegations, an investigation by Univision and Columbia Journalism Investigations has found. In 25% of the projects a background check would have alerted the Trump Organization of the allegations that their partners faced before signing the contract.

The cases involve development company principals, the companies themselves, a broker for the Trump brand or a major investor being targeted by law enforcement action.

Univision and Columbia Journalism Investigations spoke by phone with Trump-lawyer, Alan Garten, in January seeking comment for this report. Upon his request, detailed questions were submitted by email. At the time of publication Garten had not responded, despite several follow-up phone calls and emails.

Eight projects involved a principal from a development company, a brand broker or an investor who was convicted of a crime. Seven other projects involved participants investigated by foreign governments.

THEY DON'T DO DUE DILIGENCE 

An examination of federal investigations, court records, contracts and corporate records shows that Trump’s partners faced an array of allegations including money laundering, bribery, corruption and transnational drug trafficking. According to The Boston Globe, Wallach was arrested 15 times in five states for crimes such as forgery and grand larceny before being hired by Trump. He worked for the Trump Organization from 1990 to about 2001 or 2002.

"Donald doesn’t do due diligence on anything, no matter what it is," Wallach said. “He works by his gut – his gut directs him on projects, on whatever he’s working on.”

The head of Trump’s first real estate licensing partner, Daewoo Group, was sentenced to prison for fraud in 2006, several years after the company’s buildings had acquired the Trump name.

 

<< Previous
Bullboard Posts
Next >>