Trump social media deal can't close on time, needs extension, buyer says




  • In US
  • 2022-08-05 22:40:53Z
  • By Reuters
 

(Reuters) - Digital World Acquisition Corp, the blank-check company taking former U.S. President Donald Trump's Truth Social app public, on Friday announced a special meeting of shareholders to approve an extension to the cut-off 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 a SEC filing.

The termination date to complete the merger is Sept. 8, 2022. Digital World is seeking to extend the date by 12 months.

The announcement comes amid probes by U.S. regulators over the proposed merger.

Digital World said in June its board of directors had received subpoenas from a Federal grand jury in the Southern District of New York, while the U.S. Securities and Exchange Commision and the Financial Industry Regulatory Authority had also made requests for additional information on the deal.

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

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

COMMENTS

More Related News

US FCC bans sales, import of Chinese tech from Huawei, ZTE
US FCC bans sales, import of Chinese tech from Huawei, ZTE

The U.S. is banning the sale of communications equipment made by Chinese companies Huawei and ZTE and restricting the use of some China-made video...

Murkowski withstands another conservative GOP challenger
Murkowski withstands another conservative GOP challenger
  • US
  • 2022-11-25 18:51:43Z

U.S. Sen. Lisa Murkowski, a moderate Republican, has twice withstood challenges from more conservative factions of her party; more than a decade ago, she...

Elon Musk says Twitter will offer
Elon Musk says Twitter will offer 'amnesty' to suspended accounts

Several accounts - including Donald Trump's - have already been reinstated by the multi-billionaire.

Musk says granting
Musk says granting 'amnesty' to suspended Twitter accounts
  • World
  • 2022-11-24 20:19:46Z

New Twitter owner Elon Musk said Thursday that he is granting "amnesty" for suspended accounts, which online safety experts predict will spur a rise in...

There is a growing shadow campaign to defend Joe Biden from House Republicans
There is a growing shadow campaign to defend Joe Biden from House Republicans

Republicans prepare to use their new House majority to probe the Biden administration and the business dealings of the president's son Hunter, but Democrats ...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: US