Trump social media deal can’t close on time, needs extension, buyer says

The Fact social community brand is seen displayed behind a girl holding a smartphone on this image illustration taken February 21, 2022. REUTERS/Dado Ruvic/Illustration

Aug 5 (Reuters) – Digital World Acquisition Corp (DWAC.O), the blank-check firm taking former U.S. President Donald Trump’s Fact Social app public, on Friday introduced a particular assembly of shareholders to approve an extension to the deadline to finish the merger.

“Whereas we’re utilizing our greatest efforts to finish the Enterprise Mixture as quickly as practicable, our board of administrators believes that there won’t be adequate time earlier than the Termination Date to finish the Enterprise Mixture,” Digital World mentioned in a SEC submitting.

The termination date to finish the merger is Sept. 8, 2022. Digital World is searching for to increase the date by 12 months.

The announcement comes amid probes by U.S. regulators over the proposed merger.

Digital World mentioned in June its board of administrators had obtained subpoenas from a Federal grand jury within the Southern District of New York, whereas the U.S. Securities and Change Commision and the Monetary Business Regulatory Authority had additionally made requests for added data on the deal.

Trump Media & Know-how Group Corp, the creator of Fact Social, in October agreed to merge with Digital World and was anticipating the deal to shut by the second half of this yr. learn extra

Reporting by Yuvraj Malik in Bengaluru; Modifying by Krishna Chandra Eluri

: .