Trump Media & Technology Group filed a notice to the US Securities and Exchange Commission on Wednesday that it would delay its quarterly filing, just days after the regulator charged its former auditor with fraud.
Former US President Donald Trump’s media company said it was unable to complete the review of its financial statement for the quarter ended March 31 due to the timing of its appointment of Semple, Marchal & Cooper as the new auditor.
The company dismissed previous auditor BF Borgers, after the SEC charged the accounting firm with “massive fraud” earlier this month.
Borgers, the auditor of the Truth Social parent since 2022, agreed to a $12 million civil penalty and to discontinue practicing as accountants on SEC filings, the agency had said.
An army of Trump supporters and speculators snapped up the company’s shares, sending them soaring as much as 59% in their Nasdaq debut on March 26. The stock has since then cut its gain to about 5%, giving it a market value of about $7 billion.
Truth Social’s revenue was $4.13 million last year, up from $1.47 million in 2022.
