TikTok is planning to release a new app in the U.S., according to media reports. President Trump has said a deal is near.

TikTok is developing a new version of its app for U.S. users ahead of an expected sale of the app to a group of investors, according to a new report from The Information.

ByteDance is said to be building a new, US-only version of the TikTok app that it will release on September 5. According to The Information, the company is moving ahead with this plan to comply with legislation requiring it to sell its TikTok business in the US or face a nationwide ban.