By Echo Wang

(Reuters] – The former US President Donald Trump’s social media company disclosed Monday that it could raise $50 million in convertible notes. This will be before the merger with a blank-check acquisitions firm.

Truth Media & Technology Group (TMTG) is set to receive $1.25 billion in funding once it merges with Digital World Acquisition Corp. The U.S. Securities and Exchange Commission has begun an investigation into the October deal. Trump’s firm cannot access the funds until the SEC approves the deal.

According to the filing, TMTG suffered an operating loss of $4.3 million in 2021. It had to seek other funding. According to the filing, it raised $38.2 millions through convertible promissory note issuances.

According to the filing, the maximum amount TMTG could raise through convertible notes is $50,000,000

After it launched in January, the rollout of Trump’s social media platform, Truth Social has been slow. Trump began using the platform only this month. Reuters has previously reported that the departures of two senior executives occurred less than a decade after their company was founded.