(Filing) Shares of the blank-check company Digital World Acquisition Corp. fell more than 8% on Monday after revealing another subpoena from the Securities and Exchange Commission.
DWAC, which is seeking to buy Donald Trump’s Truth Social, says that the subpoena is related to the acquisition.
The blank-check company says the additional information by the SEC relates to the communications and due diligence regarding the potential targets of DWAC besides Trump Media & Technology Group Corp. The subpoena also touches on the relations between DWAC and certain advisors and shareholders.
DWAC says the orders for more information on the registration statement could materially affect, delay, or prevent the business combination, including that with TMTG.
The latest decline adds to the weaknesses of DWAC, which have persisted following the SEC entanglements. The stock was down by 38.6% in three months as of Friday last week.
DWAC: NASDAQ is down -8.08% in premarket.
