While Donald Trump raged yesterday on his Truth Social platform about his latest federal indictment, the SPAC trying to take his digital media company public disclosed that its accountant has quit.
Digital World Acquisition in an 8-K filing said Marcum notified the board of its resignation as independent registered public accounting firm to the SPAC.
Digital World in the filing states that there were no disagreements that led to Marcum’s decision. However, the filing notes that Marcum alerted Digital World of two invoices that the SPAC had recorded incorrectly in fiscal 2022 as well as the omission of certain minutes from the SPAC’s board meetings.
Neither incident was intentional, the SPAC said.
Based on the disclosures in the 8-K, there appears to have been some confusion among the SPAC’s management about the submission of meeting minutes to the auditor. This occurred around the time the SPAC’s founding CEO, Patrick Orlando, was ousted from the company in March. Digital World subsequently delivered all the relevant meeting minutes to Marcum, the filing states.
Digital World faces a Sept. 8 deadline to close the merger with Trump Media & Technology Group unless the SPAC is able to secure another extension. The deal was announced in October 2021.
If the acquisition does close, Digital World will pay an $18 million penalty to the SEC, which accused the SPAC last month of misleading investors. Read more.
