Merger with Trump Media faces additional hurdles.
Each of the board of directors of Digital World Acquisition Corp has received federal subpoenas for their S-1 filings and documents related to their merger plans with Trump Media & Technology Group Corp. The Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority have investigated the potential merger since the end of 2021. A grand jury subpoena was also sent to the company on June 24.
Trump Media Corp had intended to go public by the end of this year through its merger with Digital World, but these investigations will likely set the process back. Digital World submitted a regulatory filing after they were informed of these probes, after which their shares fell 6% in premarket trading.
As the Lord Leads, Pray with Us…
- For Chairman Gensler to have wisdom as he heads the Securities and Exchange Commission.
- For members of the SEC as they investigate the companies’ proposed merger.
- For federal prosecutors to impartially uphold the law and regulations surrounding mergers and acquisitions.
Sources: The Hill, Reuters
