Digital World Acquisition Group, the blank check company that plans to merge with the parent company of former president Donald Trump’s social media app Truth Social and take it public, has requested an extension from the SEC to file its second-quarter earnings results, Axios reports.
The success of Truth Social and its parent Trump Media and Technology Group (TMTG) rides on the financial health of its parent company and its SPAC.
In a filing with the SEC, DWAC said it was unable to file its second-quarter earnings report “because additional time is needed to prepare the financial statements.”
DWAC noted it would file its earnings report within the five-day grace period allotted by the SEC.
Asked in the filing whether the company anticipates “any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements” that would be included in the report, DWAC checked a box that read “Yes.”
The company said it lost roughly $4.7 million last quarter and around $6.5 million total for the first half of the year, but that those figures are still being reviewed by its accounting firm and could be subject to change with the official earnings report.
Digital World is also asking shareholders to approve a one-year extension on its deadline to merge with Trump’s company. The deal has been dogged for months by federal investigations, while the rollout of Truth Social, the Twitter-like core product of TMTG, has been marked by numerous technical problems ande delays. Read more.
