Former President Donald J. Trump-backed social media start-up appears to be taking a more proactive approach to regulators as it seeks approval for a delayed merger with a deep-pocketed shell company. is.
Trump Media & Technology Group issued a statement Thursday night The Securities and Exchange Commission said it had “unnecessarily delayed the review” of its proposed merger with special purpose acquisition firm Digital World Acquisition Corporation (SPAC). Putting legal considerations aside,” he said, the merger must be approved expeditiously.
Former Republican congressman and Trump Media chief executive Devin Nunes added more criticism in a post on Truth Social, the company’s flagship social media platform. And Nunes writes:
Trump Media has so far taken a low profile with the SEC, which has been investigating many issues surrounding the proposed merger, along with federal prosecutors in Manhattan. But as Trump Media and Digital World scramble to keep the proposed merger alive, a more aggressive approach is being taken.
Trump Media issued a statement shortly after Digital World said it needed more time to get shareholders to approve a move that would give the two companies another year to complete the transaction.
The merger, announced in October last year, was due to close on Thursday, and Digital World was forced into bankruptcy and had to return about $300 million raised in its initial public offering. But at the last minute, the group that sponsored SPAC sent him $280 to a special bank account for shareholders that would give SPAC another three months to get enough investors to vote for the one-year extension. I came up with the idea of depositing $10,000.
In a statement, Trump Media said the SEC’s job is to protect retail investors, and the delay in approving the merger is causing “unnecessary financial harm” to Digital World’s shareholders. .
Trump Media did not respond to a request for comment.