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Digital World Acquisition Corp. shares dropped nearly 8% in premarket trading after the SPAC acquiring Trump’s Truth Social got another subpoena from the SEC related to the acquisition.
Source: SEC
DWAC down -8.20%, SPX down -2.91% Premarket trading
The SPAC stated that the subpoena is looking for additional information on communications and due diligence of potential targets other than Trump Media & Technology Group Corp (TMTG).
Digital World indicated that the order of the examination of the registration statement could delay, materiality restrict, or prevent the consummation of the business combination.
The company initially disclosed a subpoena in May from the SEC looking for documents and information relating to different aspects like meetings of the board of directors and assessment of possible acquisition targets.
In the last three months, the shares of Digital World Acquisition Corp. have crashed by 38.6% compared to S&P 500, which dropped by 7.2%.
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