The Daily Fuckup

On Feb. 14, 2024, the Securities and Exchange Commission declared effective the registration statement tied to the planned merger between Trump Media & Technology Group and Digital World Acquisition Corp. It was a key procedural step, but the business combination still had to move through the rest of the closing process. citeturn0search0

Digital World said in its filing that the SEC had declared the Form S-4 effective in connection with the proposed merger and that it expected to announce a special meeting within two business days. The filing made clear that effectiveness was only one step in the process, not the merger’s completion. citeturn0search0

The timing mattered because the deal had not yet closed on Feb. 14. The merger later closed on March 25, 2024, after shareholders approved the combination and the companies completed the transaction. citeturn0search1turn0search2

That left the market to price a deal that was approved by regulators but still unfinished. As of Feb. 14, the question was not whether the paperwork could move forward; it was whether the merger would make it to closing and produce a public company that could hold investor interest after the SPAC process ended. citeturn0search0turn0search1

So the real news on Feb. 14 was narrower than a completed listing story. The SEC removed one major obstacle, but the merger itself did not close until March 25, 2024. citeturn0search1turn0search2