Shares of Digital World Acquisition Corp. fell 5% in premarket trades Monday after the special purpose acquisition company (SPAC) that is buying the company behind Donald Trump’s Truth Social said a federal grand jury sitting in the Southern District of New York has issued subpoenas that seek many of the same documents demanded in a probe by the Securities and Exchange Commission that was disclosed on June 13. The federal grand jury is also seeking information on Digital World’s filings, communications with or about multiple individuals, and information regarding Rocket One Capital. Digital World said the subpoenas, and the investigations by the Department of Justice and the SEC, “can be expected to delay effectiveness of the registration statement, which could materially delay, materially impede, or prevent the consummation” of its pending merger with Trump Media & Technology Group, the parent company of Truth Social. Digital World also said that board member Bruce J. Garelick told the company he planned to resign as of June 22. He states his resignation “was not the result of any disagreement with Digital World’s operations, policies or practices,” according to the filing. Digital World shares have fallen 45.9% this year.
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