Digital World Acquisition Corp (NASDAQ:DWAC) shares are trading lower Monday after the company filed a Form 8-K with the U.S. Securities and Exchange Commission showing it received another subpoena.
What Happened: Digital World previously disclosed that it received a subpoena from the SEC seeking various documents and information regarding board communications and potential merger targets including Trump Media & Technology Group (TMTG).
On Monday, Digital World announced that it received an order of examination, as well as another subpoena.
The subpoena seeks additional documents and information in regards to "among other things, communications regarding and due diligence of potential targets other than TMTG, relationships between and among Digital World and other entities, the holders of ownership interests in the Sponsor, certain elements of the transaction history for equity in the Sponsor, and certain forward-looking information about TMTG referenced in the Registration Statement."
Why It Matters: The merger between Digital World and TMTG was originally expected to be completed in the second half of 2022. However, a prolonged SEC investigation could cause delays.
See Also: What's Going On With Starbucks Shares Trading Lower Again Today?
DWAC Price Action: Digital World has traded between $175 and $9.84 over a 52-week period.
The stock was down 13.4% at $37.87 at press time, according to data from Benzinga Pro.
Photo: Gage Skidmore from Flickr.
