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Trump-backed SPAC Digital World to appeal Nasdaq delisting notice

Reuters
·1-min read
FILE PHOTO: Pre-election rally held in support of Republican candidates in Dayton

(Reuters) - Digital World Acquisition Corp, a blank-check firm that is to merge with former U.S. President Donald Trump's social media platform, said on Wednesday it will file an appeal against a Nasdaq de-listing notice due to the non-payment of some dues.

"The company has elected to file an appeal of this matter, pay the corresponding fee, and plans to pay any fees the Hearing Department determines are due," Digital World said in a filing.

Digital World has already been facing delays in closing the deal to take Truth Social public due to investigations on whether the Trump-backed company broke securities regulations and the departure of top executives.

The deal was inked in October 2021 and late last year, shareholders approved extending the deadline to close the deal to September 2023.

Around that time, the company's chief financial officer and two independent directors left.

(Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh Kuber and Savio D'Souza)