Former President Donald Trump’s social media platform Truth Social and blank check company Digital World Acquisition Corp. could not reach a merger agreement by the deadline and will request an extension.
Digital World, the company that makes the social media platform public, announced a special shareholder meeting on Friday to approve an extension of the termination date to complete the merger.
“While we will use our best efforts to complete the business combination as soon as practicable, the board believes that there will not be sufficient time prior to the termination date to complete the business combination,”[ads1]; Digital World said in an SEC filing.
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The cut-off date to complete the merger is September 8, 2022, and Digital World wants to extend it by one year.
The announcement comes as US regulators investigate the merger.
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In June, Digital World said a federal grand jury in the Southern District of New York had subpoenaed the board.
The US Securities and Exchange Commission and the Financial Industry Regulatory Authority had also requested additional information about the merger.
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Trump Media & Technology Group Corp, which created the Truth Social platform, agreed in October to a merger with Digital World, expecting the deal to close by the second half of 2022.
Reuters contributed to this report.