[U, For “EF Hutton” History] Tangerine’s PIPE Is Investigated By SEC; Claims It Will Have More PAID Users Than Voters By 2026…

Tangerine’s social media/cable enterprise SPAC deal (I refuse to give any of their silly graphics any play here) is looking pretty… dicey. The claim is this will be bigger than Netflix or Disney+. Hilarious.

First, most of the people identified as “key leaders / management” on page 21, here… won’t list their last names — presumably since (once he craters) they will be… unemployable, elsewhere (for having backed what is clearly a malignant, anti-free and fair US elections propaganda machine).

Next — he expects to garner 20% more PAYING users, at over $13/month, by 2026 — than voted for him (whilst paying nothing, for “the privilege” of following him on Twitter — again, paying nothing, in 2020) — at page 38.

Finally, and almost trivially — given the above wildly stupid ideas, the SEC and FINRA are requesting documents (see Item 8.01 here), about who knew what, when — and the two are scrutinizing the trading volumes prior to the announced deal with Tangerine — at DWAC. Seems clear there were potentially criminal (felony) tippees trading, based on undisclosed inside material information, immediately prior.

UPDATED — the deal is supposedly being run by an entity using the old logos of “EF Hutton” — again, I will not feature deceptive images of that, as a stand-alone. I will note that it appears the brand was bought by three guys at a place called Benchmark Investments, LLC, for an undisclosed amount. The original “when Hutton speaks… people listen” company (along with its founders) went bankrupt, and are… and have been long dead (since the early 2000s).

No, these are three small time brokers — trading on an old brand-name (which they bought), that gullible retirees in Alabama and Kansas might (wrongly) assume is a continuation of the original old and generally venerable company. Nope. Just three turks — in decidedly shiny suits, out of Georgia.

We will keep an eye on this set of now SEC filed preliminary prospectuses (as amended from time to time — raising a potential $1 billion in new money) — as it all portends to be an epic tragi-comedy. Onward, grinning.