Former President Donald Trump’s social media platform Truth Social and blank-check corporate Digital World Acquisition Corp. may now not achieve a merger deal by way of the time limit and would require an extension.
Digital World, the corporate taking the social media platform public, introduced Friday a different shareholder assembly to approve an extension to the termination 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 stated in an SEC submitting.
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The time limit to complete the merger is Sept. 8, 2022, and Digital World is having a look to lengthen that by way of a 12 months.
The announcement comes as U.S. regulators are investigating the merger.
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In June, Digital World stated a Federal grand jury within the Southern District of New York had subpoenaed its board of administrators.
The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority had additionally asked further details about the merger.
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Trump Media & Technology Group Corp, which created the Truth Social platform, agreed in October to a merger with Digital World, and expected that the deal can be closed by way of the second one part of 2022.
Reuters contributed to this file.
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