Digital World Acquisition Corp., is seeing some of its investors flee, according to a recent filing on the Securities and Exchange Commission (SEC). The special purpose acquisition company (SPAC) was expected to merge with Donald Trump’s Truth Social, to take it public. The filing shows that some investors have backed out.

On Friday, an SEC filing showed that investors have backed out of commitments amounting to $139 million from the $1 billion that had been earlier announced by the company. Although the names of those who are backing out have not been disclosed, Reuters had reported that Sabby Management investors withdrew from the deal, which resulted in a $100 million loss for the SPAC.

The deal with the investors included a provision that enabled them to withdraw from the blank cheque company if it was unable to merge with Truth Social by September 20. As that deadline has passed without a merger some companies began to pull back. Sources think that other investors could also back out from their commitments as the last date has been crossed. However, DWAC still believes that it could go through.

The blank cheque company had earlier said that the SEC was causing the delay. In June, the watchdog began investigations into the proposed merger as both Trump Media and Technology Group (TMTG) and Digital World Acquisition Corporation (DWAC) began discussions before the SPAC went public, in 2021. It had not informed the watchdog about the prior discussions. This resulted in the directors receiving subpoenas from a grand jury convened in the Southern District of New York.

Earlier in the month, DWAC said that it had extended the deadline for the deal’s completion by three months. It has not received sufficient approval from shareholders for the merger’s approval. It the deal remains incomplete the SPAC might be forced to liquidate and return the cash given by its investors.

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