Claim: "SPAC merging into the new Trump Social Media entity is run by CEO of China Yunhuong Holdings Ltd. which has an address in Whuan" and the implication here is that something sinister is going on.
First its good to read about what is a SPAC to understand what exactly is going on.
A special purpose acquisition company really only exists to seek out another firm that it can bring to the public markets via a merger.
A SPAC is formed by a management team, typically known as a sponsor, that often has a business background, usually with a specific skillset in a niche industry. They initially pony up a nominal amount of investor capital – usually as little as $25,000 – for which they will receive "founder shares" that often equate to a 20% interest in the SPAC.
So what is the SPAC that has been formed to bring Trump Media & Technology Group to IPO through this route? According to the SEC filing the SPAC is called Digital World Acquisition Corp (DWAC) and the Chairman and CEO is Patrick Orlando.
Who is Patrick Orlando ?
According to Yahoo Finance profile
Meet Patrick Orlando, the CEO of Digital World (which raised $300 million earlier this year and has a little less on hand) as well as two other SPACs ... Mr. Orlando is the CEO of Benessere Capital Acquisition Corp. ...
Perhaps more interesting is Mr. Orlando’s role as CEO of Yunhong International (ticker: ZGYH), another SPAC where he is CEO. Yunhong International is located in an office building in Wuhan, China, according to SEC filings. That same address is shared by Yunhong Group, which sells an array of supplements such as “Natural Brain Booster Capsule” and “Bitter Gourd Peptides”.
So what exactly is this Yunhong International ? This SEC filing tells you that it was actually another SPAC which was created to take the company called Giga Energy to public just like DWAC is doing with Trump.
Where is Giga Energy located? According to this article on Nasdaq
Formerly known as Ares Motor Works, Giga Energy aims to accelerate transition of commercial and industrial vehicles to zero emissions and plans to be headquartered in Hangzhou, China.
Interestingly, this SPAC deal failed. If anyone wants to worry about something, find out why this SPAC deal fell through, and was it due to fault of Patrick Orlando
So in summary, Trump is working with Patrick Orlando, who is a guy who has done 3 SPACs, one of them to take a company in China public, and the corresponding SPAC is registered in Wuhan. He is also CEO of another SPAC Benessere Capital Acquisition Corp, which is has its HQ in Miami Florida.
It would be interesting to dig whether Trump and Patrick have other connections, or why Trump decided to go with this guy with limited experience (I am guessing he is trying to avoid any Deep State actors) and this is something other Anons can continue digging, but my conclusion:
Patrick Orlando's SPAC being headquartered in Wuhan, China is benign since they wanted to merge with Giga Energy that was targeting China. Trump has NO connection to these companies as far as I can tell.
However, it would be good to remember that this SPAC of Patrick's fell through and never merged with Giga Energy.
Oh and one final thing to add. Its good to know if after the merger, whether the team running the SPAC continues to run the Trump social media company.
We can learn from past experience here. Take the example of Chamath Palihapitiya, whose SPACs have merged with companies including Virgin Galactic (SPCE). Lets look at the exec team of Virgin Galactic. There is no mention of Chamath Palihapitiya.
So the people who run the SPAC are only experienced in the business aspect of the merge, and are not going to be running the actual company.
That’s right. The SPAC is strictly a shell company setup to take another entity public. The SPAC “CEO” is an investor only.