(SEC) Digital World Acquisition Corp., a blank check company, rose up to 6% on Monday after an official filing to merge with Donald Trump’s Truth Social.
Once completed, the new company will be called Trump Media & Technology Group Corp. The timing of the proposed deal is not yet known.
DWAC cited a potential investigation of the deal by the SEC as a risk factor. The filing pointed to various documents’ request and subpoena by the SEC as potential derails to the deal.
The latest news comes amid back-and-forth developments that have plagued Donald Trump’s social media startup. In April, two-tech executives quit the project, raising concerns that Truth Social will never materialize.
DWAC: NASDAQ is up +5.62%.
