The Digital World Acquisition Corp. team is moving forward with plans to merge with Trump Media & Technology Group Corp. (TMTG) despite receiving subpoenas from the Securities and Exchange Commission (SEC).
The special purpose acquisition company announced that it has been “tirelessly working toward consummating” the proposed merger in a June 14 press release published via Accesswire.
Digital World noted that it “appreciates that the Securities and Exchange Commission (the ‘SEC’) is tasked with protecting investors and is working to provide the SEC staff with information, pursuant to previously disclosed subpoena requests, so that the SEC has what it needs to conduct and conclude its investigation.”
The company further added that the merger would yield “approximately $1.25 billion in net proceeds to TMTG at close, assuming no redemptions by Digital World stockholders, in order for investors to have the opportunity to participate in the Business Combination.”
According to Just The News, Digital World disclosed Monday that it had received its second subpoena relating to the SEC probe, which Sen. Elizabeth Warren, D-Mass., requested last year.
The subpoena, Just The News reported, requested additional information about “communications regarding and due diligence of potential targets other than TMTG” and the relationship between Digital World and certain advisers.
TMTG, a digital media firm, launched President Donald Trump’s highly anticipated social media platform Truth Social earlier this year with great success, as the app took over the No. 1 slot in the Apple Store.
On its website, TMTG describes a vision of creating “a media powerhouse to rival the liberal media consortium and fight back against the ‘Big Tech’ companies of Silicon Valley, who have used their unilateral power to silence opposing voices in America.”