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Digital World was forced to admit that two years’ worth of financial statements were unreliable and that it was at risk of being delisted from Nasdaq for failing to file a mandatory report; and Digital World agreed to pay the SEC $18 million to settle fraud charges for “making material misrepresentations” in its filings for entering merger discussions with Trump Media prior to its IPO.

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Trump Media Executives Launch New SPAC Seeking $179 Million—And Target Crypto, Defense Sectors

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The SPAC previously led by Renatus Tactical's CEO, Digital World Acquisition Corp, faced major financial and regulatory issues, including unreliable financial statements and a threat of Nasdaq delisting before its merger with Trump Media

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Previous SPAC ventures involving Trump Media executives faced significant regulatory and legal challenges

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