Trump's Truth Social Merger Thrown into Disarray After SEC Calls SPAC Unreliable, Warns of Delisting

Digital World Acquisition Corp. made undisclosed accounting errors that led regulators to warn investors the company's financials "should no longer be relied upon."
The SPAC risks being delisted from Nasdaq for failing to file mandatory reports on schedule.
The SEC's action indicates poor financial controls and oversight at the company, which aims to take Trump's Truth Social public.
Digital World must submit a remediation plan to address the issues and avoid delisting, even as the merger and SEC probes remain unresolved.
Without the merger, Trump's Truth Social would need new funding to continue as a competitor to Twitter.