'Trump's Truth Social Faces More Trouble: SEC Calls SPAC's Financial Statements Unreliable As Stock Faces Delisting' - Forbes
Portfolio Pulse from Happy Mohamed
Digital World Acquisition Corp. (DWAC), planning to merge with Trump's Truth Social platform, faces potential delisting from Nasdaq due to accounting errors in its 2022 financial report and failure to file Q1 2023 earnings. The SEC has deemed the financial statements unreliable, and DWAC has until July 24 to submit a remediation plan.
May 25, 2023 | 2:12 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
DWAC faces potential delisting from Nasdaq due to accounting errors and failure to file Q1 2023 earnings, with the SEC deeming its financial statements unreliable.
The SEC's findings of accounting errors and unreliable financial statements, along with the potential delisting from Nasdaq, create uncertainty and negative sentiment around DWAC's stock. This is likely to result in short-term downward pressure on the stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100