Last week, the company ousted Chief Executive Patrick Orlando, saying that it was "in the best interest of its shareholders to select a new management team." (Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh Kuber)
March 29 (Reuters) - Digital World Acquisition Corp , a
blank-check firm that is to merge with former U.S. President Donald Trump's
social media platform, said on Wednesday it had been cleared by the Nasdaq over
non-payment of certain dues.
"The company's fee delinquency has been cured, and as a result the company
has regained compliance with the applicable listing standard," it said in an
exchange filing, adding that a scheduled hearing next month related to the issue
had been canceled.
Earlier this month, Digital World revealed that it had received a notice
from the exchange over non-payment of some dues which could lead to a potential
de-listing.
Digital World has already been facing delays in closing the deal to take
Truth Social public due to investigations on whether the Trump-backed company
broke securities regulations.
The deal was inked in October 2021 and late last year shareholders approved
extending the deadline to close the deal to September 2023.
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