: Digital World Acquisition Corp. searching for new independent audit firm after Marcum LLP resigns

Digital World Acquisition Corp. DWAC, the special-purpose acquisition company aiming to merge with Donald Trump’s media company, said its independent accounting firm Marcum LLP has resigned and that it’s looking for another firm. Digital World Acquisition Corp. stock was down 7.2% in afternoon trades. Marcum LLP said in a July 27 letter it would no longer work for Digital World Acquisition Corp. As of July 27, Marcum had not completed its audit procedures or issued any reports on the company’s restated 2022 statements, the company said. Digital World Acquisition Corp. said it is currently seeking a new independent registered public accounting firm with plans to hire the firm “as soon as practicable.” The move comes after the Securities and Exchange Commission on June 21 said Marcum agreed to pay $10 million to settle allegations of “systemic control failures and violations of audit standards” for its clients including special purpose acquisition companies and other clients beginning in 2020 at the latest.

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