The move followed a flurry of SPAC mergers that were called off amid market turmoil.
Rallies for meme stocks show shades of last year's mania.
At least four special-purpose acquisition company tie-ups have been called off since the end of Thursday's trading.
The subpoenas relate to an inquiry last year from the SEC, the company said.
At least 16 special-purpose acquisition company tie-ups have been announced so far in May.
Gamestop and AMC are down more than 70% from their 2021 highs.
Few groups were punished as harshly as the companies that missed their quarterly earnings expectations.
Investors have soured on SPACs as key gauges for the sector churn near record lows.
Regulators are cracking down on new blank-check stocks as enthusiasm for existing ones wanes.
Digital World Acquisition Corp. has shed 29% of its value since shares soared late in February.
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