By Will Feuer

 

Trump Media & Technology Group issued a statement in response to a disclosure earlier Monday from blank-check company Digital World Acquisition Corp. that said a federal grand jury in the Southern District of New York has issued subpoenas to each member of its board.

Trump Media has said it plans to merge with Digital World and take its place on the public markets.

"TMTG is focused on reclaiming the American people's right to free expression. Every day, our team works tirelessly to sustain Truth Social's rapid growth, onboard new users, and add new features," the company said. "We encourage--and will cooperate with--oversight that supports the SEC's important mission of protecting retail investors."

Shares of Digital World slipped nearly 11% in premarket trading to $24.89. The stock closed on Friday at $27.82, nearly 46% lower so far this year.

Digital World previously disclosed that the U.S. Securities and Exchange Commission had requested information regarding various matters, including Digital World's due diligence of Trump Media and relationships among Digital World and other relevant entities.

On Monday, Digital World said it learned of new subpoenas from the SNDY federal grand jury on June 16.

The subpoenas request some of the same documents that were previously requested by the SEC. Additionally, the subpoenas seek certain documents related to Digital World's S-1 filings, communications with or about multiple individuals, and information regarding investment firm Rocket One Capital.

Also on Monday, Digital World said Rocket One Chief Strategy Officer Bruce Garelick resigned from the Digital World board, effective June 22.

 

Write to Will Feuer at Will.Feuer@wsj.com

 

(END) Dow Jones Newswires

June 27, 2022 08:28 ET (12:28 GMT)

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