A federal grand jury in New York has issued subpoenas to each board director of the blank check company that has agreed to take Donald Trump’s social media startup, Truth Social, public.

Why it matters: This is in addition to previously disclosed investigations into the blank-check company by both the SEC and Justice Department, thus intensifying questions about Truth Social’s financial future.

Details: Digital World Acquisition Corp. on Monday disclosed the subpoenas, adding that some of the information requested were about communications with a Miami-based investment firm called Rocket One Capital…

The bottom line: There have been some attempts to frame these investigations in political terms, but they appear to be more about apolitical securities law. Namely, that blank check companies can’t court potential targets prior to their own IPOs — which is something Digital World Acquisition is speculated to have done.