Trump’s SPAC Deal in Jeopardy After New York Grand Jury Subpoenas Company’s Entire Board

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Digital World Acquisition Corp., the special purpose acquisition company (SPAC) set to combine with Donald Trump’s social media firm Trump Media & Technology Group, has been hit with grand jury subpoenas.

In a recent security and exchange commission (SEC) filing, DWAC said it had received “several document requests and subpoenas from the SEC, seeking various documents and information regarding, among other things, Digital World’s due diligence regarding TMTG, communications regarding and due diligence of potential targets other than TMTG, relationships between and among Digital World (and/or certain of Digital World’s officers and directors) and other entities (including ARC Global Investments II LLC, Digital World’s sponsor, and certain advisors, including Digital World’s underwriter and financial advisor in its initial public offering).”

The company learned on June 16 that a federal grand jury in the Southern District of New York had issued subpoenas to every member of the company’s board of directors. The company as a whole also received a grand jury subpoena. The subpoenas are related to documents including the company’s S-1 filings, “communications with or about multiple individuals, and information regarding Rocket One Capital,” the SEC filing read.

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The company previously revealed it was aware it was the subject of an investigation by the SEC regarding its registration statement related to its plans to combine with TMTG.

The two groups previously announced they would combine to become a publicly traded company.