I bet it's been a looooooooong time. Anyone know off hand? Maybe it's common. I dunno. But I bet it's not.
Trump SPAC deal threatened by federal criminal probe
A federal criminal investigation is threatening the proposed merger between former President Donald Trump’s social media enterprise and a special purpose acquisition company, a deal that would give the combined company access to billions of dollars in public markets.
That company, Digital World Acquisition Corp., revealed in a securities filing Monday that it became aware on June 16 that each member of its board of directors received subpoenas from a federal grand jury in New York.
The grand jury wants similar documents that the Securities and Exchange Commission had been seeking in its already disclosed civil probe, DWAC said. The company itself received a subpoena Friday with similar requests, along with other requests relating to communications, individuals and information involving Rocket One Capital.
DWAC also revealed Monday that a board member, Bruce J. Garelick, had told management that he would resign from the board last Wednesday. Garelick said his resignation “was not the result of any disagreement with Digital World’s operations, policies or practices,” according to the company filing.
Garelick is listed as chief strategy officer for Rocket One Capital. He didn’t immediately respond to CNBC’s request for comment. Rocket One’s website was effectively blank Monday morning, saying: “Site will be available soon. Thank you for your patience!”
DWAC warned that the subpoenas and the probes by the SEC and the U.S. Department of Justice could delay or even prevent its merger with Trump’s social media company. Shares of the company fell more than 8% to about $25 on Monday morning. The stock had skyrocketed above $90 in October after the deal with Trump’s group was announced.
