The firm that merged with former President Trump’s social media company received federal grand jury subpoenas last week, the company disclosed in a Securities and Exchange Commission (SEC) filing Monday.
A grand jury in the Southern District of New York issued subpoenas to each member of the board of directors of the special purpose acquisition company, or SPAC, that merged with the Trump Media and Technology Group.
The latest subpoenas add to growing scrutiny of the deal. Federal regulators launched investigations into the merger between Trump’s company and Digital World Acquisition Corp, the SPAC, in December, just weeks after the merger was announced.
The new subpoenas seek some of the same documents as federal regulators, as well as requests for communications with or about “multiple individuals,” and information about Rocket One Capital, a Miami-based venture capital firm, according to Monday’s filing.
Trump Media and Technology Group said in a statement it will cooperate with the investigation.
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SPACs, also known as blank check companies, are formed to raise capital through an initial public offering for the purpose of acquiring or merging with a company. But they are not supposed to have an acquisition target in mind as they raise money from investors.
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Federal grand jury subpoenas firm that merged with Trump social network https://t.co/Ay8j5oujqE pic.twitter.com/vB9Q8FlNzu
— The Hill (@thehill) June 27, 2022
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