Digital World Acquisition in a regulatory filing and news release said its team “has been tirelessly working towards consummating its proposed business combination with Trump Media & Technology Group and to afford Digital World stockholders, both large and small, the opportunity to participate in the process of the Business Combination.”
Digital Word added that it is working to provide the SEC with information demanded by recent subpoena, “so that the SEC has what it needs to conduct and conclude its investigation.”
The deal includes approximately $1.25 billion of net proceeds that would be delivered to TMTG at close, assuming no redemptions by the SPAC’s stockholders.
As previously reported, one of the key points in the SEC investigation is whether the SPAC had any merger discusssions with the target before Digital World made its IPO last September. Such discussions would be illegal. Read more.
