Former President Donald Trump Social media platform Truth Social and blank-checking company Digital World Acquisition Corp were unable to reach a merger deal by the deadline and will require an extension.
Digital World, the company that brings the social media platform to the public, on Friday announced a special shareholder meeting to agree to extend the termination date to Complete the integration.
“While we do our best to complete the business combination as soon as practicable, our Board of Directors believes that there will not be sufficient time prior to the termination date to complete the business combination,” Digital World said in the SEC filing.
The deadline to complete the merger is September 8, 2022, and Digital World is looking to extend that by a year.
The announcement comes as US regulators are investigating the merger.
In June, Digital World said a federal grand jury in the Southern District of New York had summoned its board of directors.
The US Securities and Exchange Commission and the Financial Industry Regulatory Authority have also requested additional information about the merger.
Trump Media & Technology Group Corp., which established social truth The platform, which agreed in October to merge with Digital World, expects the deal to close by the second half of 2022.
Reuters contributed to this report.
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