Digital World Acquisition, the company taking former U.S. President Donald Trump’s Truth Social app public, has announced a special meeting of stakeholders.
The meeting will seek stakeholder approval for an extension of the closing date for the merger. The termination date for the merger is September 8, 2022. Digital World is therefore seeking an extension of the deadline by 12 months.
“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.
In October, the Trump Media and Technology Group and Digital World Acquisition, a Special Purpose Acquisition Vehicle (SPAC) announced plans to merge to create a social media app called Truth Social.
Since the merger was announced, Digital Word has faced a number of legal inquiries and probes by U.S. regulators. In June, Digital World received subpoenas from a federal grand jury in the Southern District of New York. Additional information about the deal was also requested by the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority.