Digital World Acquisition Corp., the blank check company that plans to take Donald Trump's social media platform public, said today that each of its directors had received subpoenas from federal prosecutors at the Southern District of New York related to the deal.

The Securities and Exchange Commission on June 13 issued subpoenas requesting documents and information regarding DWA's due diligence regarding Trump Media & Technology Group and other information covering communications related to the merger.

The Justice Dept and SEC subpoenas "could materially delay, materially impede or prevent the consummation of the business combination," according to DWAC's Form 8-K filing.

DWAC also revealed that board member Bruce Garelick, chief strategy officer of Rocket One Capital, resigned effective June 22.

The federal grand jury has requested information from DWAC about its communications with Rocket One, an investment firm based in Miami.

TMTG issued its own statement: "We encourage and will cooperate with oversight that supports the SEC's important mission of protecting retail investors."