Trump social media deal cannot be closed in time, must be extended, buyer says

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(Reuters) – Digital World Acquisition Corp, the blank check company that makes the Truth Social app of former US President Donald Trump public, announced a special shareholder meeting Friday to extend the closing date to complete the merger, to approve.

“While we are making every effort to complete the business combination as quickly as possible, our board of directors believes that there will not be sufficient time before the closing date to complete the business combination,” Digital World said in an SEC filing.

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The closing date to complete the merger is September 8, 2022. Digital World aims to extend the date by 12 months.

The announcement comes amid investigations by US regulators about the proposed merger.

Digital World said in June that its board of directors had received subpoenas from a federal grand jury in New York’s Southern District, while the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority had also filed requests for additional information about the deal.

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Trump Media & Technology Group Corp, creator of Truth Social, agreed to merge with Digital World in October and expected the deal to close in the second half of this year.

(Reporting by Yuvraj Malik in Bengaluru; Editing by Krishna Chandra Eluri)

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