The company that plans to merge with former president Donald Trump’s social media company has received subpoenas from a federal grand jury, a setback that could complicate Trump’s plans to bring his company to the public markets.
The company, known as Digital World Acquisition Corp., revealed the subpoenas in a Securities and Exchange Commission filing dated June 24 and warned they “could materially delay, materially impede, or prevent consummation” of the deal. If the combination goes through, Trump’s business could gain access to more than $1 billion committed by investors.
The grand jury is at least the third investigative entity to scrutinize Trump’s special purpose acquisition company (SPAC) deal, after the SEC and the Financial Industry Regulatory Authority opened investigations of their own.
Source: Trump SPAC faces grand jury investigation – The Washington Post
