Trump Media & Technology Group Corp. (DJT): auditor change — DWAC: $467M PIPE cancelled; non-reliance on Q1-Q3 2022 financials

Trump Media & Technology Group Corp.

Audit committee concluded Q1-Q3 2022 quarterly financials should no longer be relied upon due to expense accounting errors; material weakness identified.
As of Oct 11, 2023, $467M of the $1B PIPE has been cancelled, including $191.5M in new termination notices.
Remaining PIPE commitment stands at $533M; DWAC working to cancel the remaining balance.
Restatement does not impact cash position or cash held in trust account.
DWAC and TMTG continue toward merger close; PIPE cancellations viewed as positive development by management.

item 4.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Trump Media & Technology Group Corp. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

udited Financials ”) included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and filed with the Securities and Exchange Commission (“ SEC ”) on April 26, 2023 (the “ 2022 10-K ”) should no longer be relied upon. In connection with the Company’s current auditors’ review and re-audit of such 2022 Audited Financials, after discussion with the Company’s management and its advisors, on October 10, 2023 the Company’s audit committee concluded that the unaudited consolidated financial statements for the quarterly periods ended March 31, 2022, June 30, 2022, and September 30, 2022 (the “ 2022 Quarterly Financials ”), originally included in the Company’s Quarterly Reports on Form 10-Q for such quarterly periods, and filed with the SEC on May 19, 2022, August 23, 2022, and November 21, 2022, respectively (collectively, the “ 2022 Form 10-Qs ”), included the

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Source: SEC EDGAR

accession 0001193125-23-254272

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