The special meeting of shareholders on Friday was called by Digital World Acquisition Corp., the blank-check company that took former U.S. President Donald Trump's Truth Social app public.
Our board of directors believes that there won't be enough time before the Termination Date to complete the Business Combination, despite the efforts to complete the Business Combination as soon as practicable, according to Digital World in a SEC filing.
The closing date to complete the merger is Sept. 8, 2022. Digital World wants to extend the date by 12 months.
The proposed merger was investigated by the U.S. regulators.
In June of this year, Digital World received subpoenas from a Federal grand jury in the Southern District of New York, while the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority had also requested additional information on the deal.
In October, Trump Media Technology Group Corp, creator of Truth Social, agreed to merge with Digital World and was expecting the deal to close by the second half of this year.