Trump's social media platform Truth Social, buyer need extension to complete merger
Digital World is looking to extend the cut-off date for a merger with Truth Social by 12 months
Former President Donald Trump's social media platform Truth Social and blank-check company Digital World Acquisition Corp. could not reach a merger deal by the cut-off date and will require an extension.
Digital World, the company taking the social media platform public, announced Friday a special shareholder meeting 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 said in an SEC filing.
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The cut-off date to complete the merger is Sept. 8, 2022, and Digital World is looking to extend that by a year.
The announcement comes as U.S. regulators are investigating the merger.
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In June, Digital World said a Federal grand jury in the Southern District of New York had subpoenaed its board of directors.
The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority had also requested additional information 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 anticipated that the deal would be closed by the second half of 2022.
Reuters contributed to this report.