Former President Trump’s social media company has another potentially big problem on its hands: It’s struggling to complete a stock market listing that would allow it to raise more than $1 billion it needs to keep running.
Trump Media and Technology Group, which includes the Truth Social app it launched earlier this year, had been planning to list on the Nasdaq stock exchange through a complicated process known as a SPAC merger.
But that deal is under legal and regulatory scrutiny, and the Securities and Exchange Commission has not yet signaled its approval.
The SPAC, or the organization that will help list the stock is called Digital World Acquisition Corp. and it now needs an extension for the listing, it said Thursday. The company has struggled to get the support of enough shareholders to move the deadline.