CNBC is reporting former President Donald J. Trump exited the board of Trump Media And Technology Group just weeks before the SEC and a federal grand jury in Manhattan issued subpoena’s to the board.

According to a June 8th filing with the Florida Department of State’s Division of Corporations, Trump was one of six board members who departed the board. The other members were his son, Donald Trump Jr, Wes Moss, Kashyap Patel, Andrew Northwall and Scott Glabe.

A statement had been posted on Truth Social, the company’s social media app, denying that Trump had left the board, however the company has not since clarified the meaning of the filing in light of that.

As of Thursday afternoon, the Board of Directors page on the website of the Trump Media and Technology Group website remained blank.

Trump Media and Technology was served with a subpoena on June 27th. Another subpoena was issued three days later by a federal grand jury in Manhattan. Usually a grand jury subpoena indicates a prosecutor is attempting to secure criminal charges against some person or entity.

According to a statement by the company, none of the subpoena’s are directed at former President Trump.

There is speculation that the subpoena’s may relate to a proposed merger between Trump’s media company and Digital World Acquisition Corp. DWAC confirmed it was connected to a criminal probe Friday. It has also acknowledged that the criminal probe could delay or even prevent the merger with Trump’s company.

Trump’s company had stood to gain the ability to tap into potentially billions of dollars on the public equities markets through its merger with DWAC. DWAC is a Special Purpose Acquisition Company, or SPAC, that functions kind of like a shell company for investors to acquire various businesses and flood capital into them.

The investigations may have arisen out of allegations made by Senator Elizabeth Warren, who wrote to SEC Chair Gary Gensler last November, alleging that DWAC, “may have committed securities violations by holding private and undisclosed discussions about the merger as early as May 2021, while omitting this information in [SEC] filing and other public statements.”

So far this year, shares of DWAC have fallen over 50% since the start of the year.