You are currently viewing DWAC Seeks To Delay Merger With Trump’s Truth Social Company Amid Federal Investigations

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Digital World Acquisition Corp., the special purpose acquisition company planning to merge with the company behind former President Donald Trump’s Truth Social platform, is asking its shareholders to delay the deadline for completing the deal until 2023, in part because of federal investigations into the transaction.

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With the customary two-year deadline since its formation approaching for the blank check company to complete a deal or return its funding to investors, DWAC is asking for a one-year extension to September 8, 2023, according to a Securities and Exchange Commission filing Friday.

DWAC warned that may not even be enough time, though, noting the investigations might hamper its ability to win regulatory approval, which it said “may require us to liquidate.”

DWAC in October announced plans to merge with a new firm called the Trump Media and Technology Group (TMGT)

Keep reading this article on Forbes Business.

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