Berks County News

Congressman Dan Meuser has sent a letter to SEC Chairman Gary Gensler, urging the agency to expedite its consideration of the merger between Digital World Acquisition Corp. (DWAC) and Truth Social. The revised S-4 filing, submitted by DWAC on November 14, 2023, represents the final step in this merger process. However, the SEC has yet to address it.

The delay in reviewing the initial S-4 filing and the extended timeline of the SEC's investigation have tested DWAC investors' patience. Despite these challenges, investors showed their support for the merger by voting on September 5, 2023, to extend DWAC’s deadline for completing a merger.

For nearly a year, Congressman Meuser has advocated for Truth Social’s small investors affected by these delays. He has questioned SEC officials in hearings and corresponded with them regularly about this issue.

Meuser stated, “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.”