Truth Social, Digital World extend merger deadline amid SEC delays

The Trump Media & Technology Group and Digital World Acquisition Corp announced a renewal of their plans to merge on Wednesday and have extended their deadline to Dec. 31, 2023, amid longstanding delays by the Securities and Exchange Commission.

"We are very grateful to be moving forward with our pivotal merger with TMTG," DWAC CEO Eric Swider said. "We are eager to continue working with TMTG’s management to complete mutual due diligence promptly and I want to personally thank TMTG’s management for their continued support in our strategic merger."

"Together with TMTG, we are converging our visions to shape the future of digital media. We believe Truth Social will have a strong position in the marketplace bringing a unique value perspective to our shareholders," he continued. "We are truly excited and look forward to bringing this long-awaited transaction with TMTG to a close."

DWAC is a special purpose acquisition corporation (SPAC) with which TMTG, the firm that operates Truth Social, seeks to merge so as to list the platform on the stock exchange and finance its expansion.

The original merger proposal was set to expire on Sept. 8, putting the merger at risk due in part to the SEC's lethargic pace in approving the deal.

In July of this year, Pennsylvania Republican Rep. Dan Meuser urged Chairman Gary Gensler to expedite consideration of a settlement involving DWAC which had held up the merger. The SPAC has faced scrutiny for securities violations, though the agency announced it had settled the charges a few days following Meuser's letter.

TMTG CEO Devin Nunes has previously suggested that the SEC might be deliberately slow-walking in the merger in a bid to quash the platform's expansion, citing the plethora of anti-Trump officials leading the SEC.

"[Y]ou've got Gensler there, who[m] we outed as the guy who actually was the CFO for the Hillary campaign, who actually wrote the check to Fusion GPS," he said earlier this year. "You have Peter Strzok's wife, who is there, the disgraced FBI agent who was running the Russia hoax. You have the general counsel there at the SEC, happens to be she used to work for Pelosi has now graduated up."

Ben Whedon is an editor and reporter for Just the News. Follow him on Twitter.