Digital World Acquisition Corp., the special purpose acquisition company (SPAC) that plans to merge with Trump Media & Technology Group (TMTG), said in a regulatory filing on Monday it received subpoeneas from a federal grand jury in New York.
The subpoenas were issued to the company and each board member. Furthermore, they requested documents such as "communications with or about certain individuals." The blank-cheque company noted that the "subpoenas and the underlying investigations by the Department of Justice and the SEC... could materially delay, materially impede, or prevent the consummation of the business combination," Digital World Acquisition Corp. stated.
Last year, ex-United States President Donald Trump announced that his media company plans to go public via a merger with Digital World Acquisition Corp. However, the future of the deal was brought into question after US Securities and Exchange Commission (SEC) and the country's Financial Industry Regulatory Authority (FINRA) launched a probe into the SPAC, seeking information on its communications with Trump's firm before the merger deal was finalized.
