Digital World Acquisitions Corp onMonday said that members of its board of directors had received subpoenas from federal prosecutors related to the company's merger plans with former President Donald Trump's social media firm, Reuters reports.
Trump Media & Technology Group Corp (TMTG) intends to merge with Digital World, with a deal expected to close by the year's end.
The company saw a six-percent fall in premarket trading after it became known that subpoenas were issued to its seven board directors. A filing shows that a grand jury subpoena was sent to the company on June 24.
The company said earlier this month that the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority had sought more information for the merger.
"The latest subpoenas to Digital World sought the same documents as the SEC probe as well as requests relating to the company's S-1 filings," Reuters reports.
Join and support independent free thinkers!
We’re independent and can’t be cancelled. The establishment media is increasingly dedicated to divisive cancel culture, corporate wokeism, and political correctness, all while covering up corruption from the corridors of power. The need for fact-based journalism and thoughtful analysis has never been greater. When you support The Post Millennial, you support freedom of the press at a time when it's under direct attack. Join the ranks of independent, free thinkers by supporting us today for as little as $1.
Remind me in September