Nasdaq cancels deal for Trump-backed Social Media firm Digital World

The Reuters- Digital World Acquisition Corp, a blank-check firm that is to merge with the former U.S. President Donald Trump's social media platform, said on Wednesday it had been cleared by the Nasdaq over non-payment of certain dues.

The company's fee delinquency has been cured, and the company has regained compliance with the applicable listing standard, according to an exchange filing, adding that a next month's hearing related to the issue has been canceled.

A notice from the exchange over non-payment of some dues could lead to a potential delisting, according to Digital World earlier this month.

The deal to take Truth Social public was put off by Digital World due to investigations into whether the Trump-backed company broke securities regulations.

The deal was inked in October 2021 and shareholders approved extending the deadline to close the deal to September 2023 late last year.

Last week, the company ousted Chief Executive Patrick Orlando, saying it was in the best interest of shareholders to select a new management team.