From the prospectus filed yesterday with the U.S. Securities and Exchange Commision by Digital World Acquisition Corp., the "Special Purpose Acquisition Company" that is proposing to fund the Trump Media & Technology Group [TMGT]:
A little
additional information on the CEO Digital World Acquisition Corp. is below. His previous "Special Purpose Acquisition Company" in Wuhan, China failed to get off the ground and was recently liquidated.
• SPAC Yunhong International Co. (NASDAQ:ZGYH), who's CEO is also behind the Trump media SPAC Digital World Acquisition Corp. (NASDAQ:DWAC), plans to dissolve and liquidate.
• SPAC Yunhong International (ZGYH), which is run by Patrick Orlando, will dissolve after it was unable to consummate a deal within the required timeframe, according to a 8-K filing.
• Wuhan, China-based Yunhong (ZGYH) went public in 2019 with a stated goal of looking to acquire a consumer/lifestyle business in Asia, later amended to exclude China.
• Orlando's dealings with Trump have come under scrutiny in the wake of a New York Times article last month that claimed there might be potential violations of securities laws in regard to the DWAC SPAC. Earlier this week Sen. Elizabeth Warren (D-MA) sent a letter to SEC Chairman Gary Gensler yesterday requesting that the agency investigate the transaction.