The SEC said late Thursday that DWAC will pay an $18 million fine if it completes the deal with Trump Media & Technology Group.

As The Wall Street Journal reports, the SEC alleged that DWAC misled investors who participated in its $287 million initial public offering in 2021.

DWAC told IPO investors that it didn't have discussions with a merger target prior to raising money.

But DWAC officers had extensive merger discussions with Trump's company, Trump Media & Technology Group, the SEC said.

DWAC first disclosed the likely settlement in early July, when the SEC hadn't yet approved the deal.

When the headlines dropped last night, we had a feeling...