Trump Media and Technology Group (DJT), the owner of Donald Trump's social media company Truth Social, said on Monday that it had cooperated with an inquiry from the Financial Industry Regulatory Authority (FINRA) with respect to its blank-check merger.
This inquiry focused on trading activities prior to the merger announcement with Digital World Acquisition Corp, which Trump Media and Technology Group (TMTG) believes should not be viewed as an indication of wrongdoing.
Last week, TMTG delayed its quarterly report following the dismissal of its auditor, BF Borgers, which was charged with "massive fraud" by the Securities and Exchange Commission (SEC) earlier this month.
TMTG on Monday disclosed a wider-than-expected loss in the first quarter due to certain non-cash expenses incurred before completing its merger.
The company has been on a rollercoaster ride since going public. The company's shares, driven by an influx of Trump supporters and speculators, soared by as much as 59% during its Nasdaq debut on March 26. However, these gains have since been reversed, leaving TMTG with a market value of nearly $7 billion.
Former President Donald Trump, who holds a majority stake in TMTG, is actively using Truth Social as he campaigns as the Republican candidate for the November 5 presidential election.
DJT stock rose 0.25% in premarket trading Tuesday.