Digital World Acquisition Corp.
DWAC,
and Trump Media & Technology Group agreed to push back the deadline to complete their planned merger.
The blank-check company and Donald Trump’s social media company, which owns Truth Social, have until Dec. 31 to complete their deal. The two previously agreed to merge in 2022, but have faced regulatory scrutiny.
Last month, DWAC resolved an investigation by the Securities and Exchange Commission by paying an $18 million fine. The SEC alleged that DWAC had misled investors during its initial public offering.
Trump’s media company will become publicly traded if the companies merge. They had previously agreed on a September deadline to complete the combination.
As part of the amendment to the two companies’ merger agreement, they also agreed to additional due diligence ahead of the completed combination.