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  "documentTitle": "Digital World Acquisition Corp (DWAC)",
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  "authorName": "Kerrisdale Capital",
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  "presentationDate": "2022-04-01 00:00:00",
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  "notes": "This is a text-heavy research note slide from Kerrisdale Capital arguing against the legitimacy of the DWAC-TMTG merger.",
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      "text": "Surely even the most bullish investors must understand that the suspension of DWAC's S-1 registration statement likely eliminates the possibility of a DWAC-TMTG merger.",
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      "text": "We respectfully disagree. Any argument that Orlando’s apparently ongoing merger negotiations with TMTG from February through September 2021 were only with BCAC and not with pre-IPO DWAC, and thus not illegal, ignores reality...",
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      "text": "We believe that such is the case with DWAC’s S-1 registration statement. The SEC has emphasized, in a decision with which ARC is surely familiar, that the 'essential purpose of [a registration statement] is to protect investors...'",
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      "kind": "paragraph",
      "text": "Making materially false or misleading disclosures in SEC filings violates the anti-fraud provisions of the federal securities laws; unsurprisingly, the SEC routinely expects companies to 'correct [a] prior disclosure...'",
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      "kind": "quote",
      "text": "the \"essential purpose of [a registration statement] is to protect investors by promoting full disclosure of information thought necessary to informed investment decisions.\" — SEC decision",
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      "text": "Suspension of S-1 Would Eliminate Possibility of Closing Merger",
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