The planned merger of a social media company backed by the former President Donald J. Trump with a blank-check company that raised nearly $300 million in an initial public offering in September is being investigated by the Securities and Exchange Commission.
Digital World Acquisition Corporation, the special purpose acquisition company that intends to merge with Trump Media Technology Group, disclosed in a regulatory filing that the Securities and Exchange Commission and the Financial Industry Regulatory Authority were investigating them.
The regulators are interested in the trading of Digital World shares. The S.E.C. is looking into the relationship between Digital World and Trump Media.
Digital World said it was cooperating with the requests for information and that the investigation did not mean that the S.E.C. has concluded that anyone violated the law or that the S.E.C. has a negative opinion of D.W.A.C.
The New York Times reported in March that the chief executive of Digital World had talks with representatives of Trump Media as far back as March.
Digital World was established as a special purpose acquisition company that raises money through an I.P.O. and then seeks a company to acquire. When SPACs go public, they should not have engaged in merger talks without telling investors.
Digital World disclosed the regulatory investigations in a filing, which said that institutional investors had committed to providing an additional $1 billion to finance the merger.
Digital World was asked to provide information before the announcement of the merger with Trump Media. The company said that the S.E.C. had asked for certain documents and communications between Digital World and T.M.T.G.
Digital World's shares were trading 1 percent lower.
