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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

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By Ciara Linnane

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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