Digital World Acquisition Corp. (DWAC) -6.83%, a special-purpose acquisition company set to merge with Donald Trump's media company, recently revealed that its independent accounting firm, Marcum LLP, has resigned. Following this development, DWAC is actively searching for a new accounting firm to replace Marcum LLP.
Resignation of Marcum LLP
In a letter dated July 27, Marcum LLP formally announced that they would no longer be providing their services to Digital World Acquisition Corp. The accounting firm had not completed its audit procedures or issued any reports on the company's restated 2022 statements as of the same date.
Seeking a New Accounting Firm
Digital World Acquisition Corp. is diligently seeking a new independent registered public accounting firm. The company aims to hire this firm promptly, ensuring a smooth transition and continuation of its financial reporting obligations.
This decision follows the Securities and Exchange Commission's announcement on June 21 that Marcum LLP agreed to pay $10 million to resolve allegations of "systemic control failures and violations of audit standards." These allegations pertained to their handling of special-purpose acquisition companies and other clients, dating back to at least 2020.
Digital World Acquisition Corp. recognizes the significance of having a reliable accounting firm and is committed to engaging with a new firm as soon as possible.