Donald Trumps social network has problems with the SPAC merger
Software

Donald Trump’s social network has problems with the SPAC merger – listing is delayed

Digital World Acquisition Corp, formed to optimize the listing of former US President Donald Trump’s Truth Social, has announced that it will hold an extraordinary shareholders’ meeting to extend the closing date for the merger.

    Image source: Gerd Altmann / pixabay.com

Image source: Gerd Altmann / pixabay.com

“While we are working hard to complete the merger as quickly as possible, our Board believes there is insufficient time to complete the process.”‘ said Digital World in a filing with the U.S. Securities and Exchange Commission (SEC). The deadline set for the completion of the merger is September 8, 2022. The company management wants to extend it by 12 months.

Digital World was forced to take this action because US regulators were interested in the merger. In June, the board received a court subpoena for the Southern District of New York, and additional information was also requested from the SEC and FINRA, a self-regulatory organization that oversees compliance with rules governing the over-the-counter-market.

The company of former US President Trump Media & Technology Group, which launched the alternative social network Truth Social, has agreed on a SPAC merger with Digital World – this is practiced for an accelerated IPO. The merger process should be completed in the second half of this year.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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