Bloomberg Law
May 25, 2023, 10:18 AM

Trump-Tied SPAC Drops After Issues Found in Financial Reports

Zachary Fleming

Digital World Acquisition Corp., which is taking Donald Trump’s nascent media company public, fell as much as 10% premarket after saying it will restate its 2022 financial results after finding “material weakness exists in the company’s internal control over financial reporting.”

  • Identified an error related to the accounting for certain expenses 2022 financial reports
  • 2022 reports “should no longer be relied upon due to the error”
  • Plans to restate the statements “as soon as practicable”
  • “Remediation plan with respect to such material weakness will be described in detail in the Form 10-K/A with the SEC”

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