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May 16, 2022, 9:20 a.m. EDT

SPAC buying Trump's Truth Social jumps 6.6% premarket after it files registration statement with SEC

Shares of Digital World Acquisition Corp., the special purpose acquisition company that is buying the company behind Donald Trump's Truth Social, rose 6.6% premarket Monday, after it officially filed its registration statement with the Securities and Exchange Commission. The company did not specify the timing of a vote on the proposed deal but said once it's completed, the company will be renamed Trump Media & Technology Group Corp. Among the risk factors, the company said an SEC investigation may delay or derail the deal. "In connection with an SEC investigation, Digital World received a document request and subpoena from the SEC seeking various documents and information regarding, among other things, meetings of Digital World Board; communications with and the evaluation of potential targets, including TMTG; communications relating to TMTG; agreements with and payments made to certain advisors; investors, including investor meetings and agreements; the appointment of certain of Digital World's officers and directors; policies and procedures relating to trading; and documents sufficient to identify banking, telephone, and email addresses," said the document.

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