Trump social media deal can't close on time, needs extension, buyer says
Reuters
Published Aug 05, 2022 06:40PM ET
(Reuters) - Digital World Acquisition Corp, the blank-check company taking former U.S. President Donald Trump's Truth Social app public, on Friday announced a special meeting of shareholders to approve an extension to the cut-off date to complete the merger.
"While we are using our best efforts to complete the Business Combination as soon as practicable, our board of directors believes that there will not be sufficient time before the Termination Date to complete the Business Combination," Digital World said in a SEC filing.
The termination date to complete the merger is Sept. 8, 2022. Digital World is seeking to extend the date by 12 months.
The announcement comes amid probes by U.S. regulators over the proposed merger.
Digital World said in June its board of directors had received subpoenas from a Federal grand jury in the Southern District of New York, while the U.S. Securities and Exchange Commision and the Financial Industry Regulatory Authority had also made requests for additional information on the deal.
Trump Media & Technology Group Corp, the creator of Truth Social, in October agreed to merge with Digital World and was expecting the deal to close by the second half of this year.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.