A study by federal prosecutors and securities regulators on a proposed merger between a cash-rich blank check company and former President Donald Trump’s social media company is nearing the end of Mr. Trump’s transaction.
A federal prosecutor said a grand jury summons from the Trump Media & Technology Group and “identified” according to a Friday regulatory filing by Digital World Acquisition Corporation, a special-purpose acquisition company with a tentative agreement to merge with Trump. Served “current and former TMTG staff”. media.
Grand jury summons are usually issued in connection with potential criminal investigations. The Filing said The Securities and Exchange Commission also issued a subpoena for Trump Media this week.
This disclosure will take place a few days after Digital World reveals that it has received a grand jury subpoena from a federal prosecutor in Manhattan, along with a similar subpoena that has been summoned to the board of directors.
The grand jury subpoena is related to Digital World’s previous SEC subpoena, which sought communication on potential merger negotiations with Trump Media representatives prior to the September 2021 initial public offering of Digital World. There seems to be.
According to a regulatory filing on Friday, the grand jury subpoena summoned by Trump Media “seeks Digital World and its directors for a subset of the same or similar documents required by the subpoena.” … apparently …
In addition to the stock market listing, expanding research could delay the completion of the merger, which will provide up to $ 1.3 billion in capital to Mr. Trump’s company and its social media platform, Truth Social.
The SEC’s investigation is whether there was a serious debate between Digital World leadership and Trump Media before the special purpose acquisition company (SPAC) was released in September, and those discussions were submitted to regulatory agencies. It focuses on why it was not disclosed. SPACs that raise funds publicly in the hope of finding potential mergers should not keep acquisition goals in mind when raising funds from investors.
The representative of Trump Media did not immediately respond to the request for comment.
Based in Sarasota, Florida, the company is headed by former Republican Rep. Devin Nunes, who became CEO earlier this year. Mr. Trump, who has a license agreement with the company, is the chairman.
It is unknown whether current and former Trump Media personnel have received the subpoena.
Truth Social, a platform like Twitter, continues to be the company’s flagship product. Mr. Trump has been a frequent poster on his social media platform over the past few months.
This week he used the platform repeatedly to criticize the testimony of former White House aide Cassidy Hutchinson before the January 6 committee.
Maggie Huberman Report that contributed.
