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Trump’s plans for Spac deal suffer another setback

Trump

Trump’s plans for Spac deal suffer another setback

  • The subpoenas wanted a range of documents, including “communications with or about certain individuals,” the company said.
  • US regulators were already probing Digital World for information on trade.

Donald Trump’s efforts to merge his media empire with a blank-check corporation have taken another hit when it was revealed that a federal grand jury has sent subpoenas to the company and its board of directors.

Monday, Digital World Acquisition Corp said in a regulatory statement that a federal grand jury in New York had issued subpoenas to the firm and each board member.

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In addition, the subpoenas wanted a range of documents, including “communications with or about certain individuals.”

A federal grand jury is a group of individuals who determine whether a prosecutor has sufficient evidence to file a lawsuit.

Before the merger with Trump Media and Technology Group was disclosed in December, US regulators were already probing Digital World for information on trade.

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“These subpoenas and the underlying investigations by the Department of Justice and the SEC . . . could materially delay, materially impede, or prevent the consummation of the business combination,” said the filing.