Trump media SPAC Digital World Acquisition Corp. to restate financials from 2021

Digital World Acquisition Corp.
DWAC,
+0.58%,
the special-purpose acquisition company planning to merge with former President Donald Trump’s media venture, said Monday it would restate financials from 2021 after concluding that “a material weakness exists” in its financial reporting controls. In a filing, Digital World said its audit committee on Friday concluded that the company’s financial statements for 2021 included in its annual report “should no longer be relied upon.” The committee found that DWAC’s audited financials “included errors related to the accounting of certain expenses” previously described in a regulatory filing in May. The company said it plans to amend the 2021 annual report to correct the misstatements. Shares fell 1.2% after hours. DWAC has also announced plans to amend its 2022 annual report to correct other financial misstatements.