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Variety reports:

China’s ByteDance submitted a revised proposal related to the sale of TikTok to U.S. buyers to the Trump administration, which said it extended the deadline for the divestment until Dec. 4.

President Trump previously ordered Beijing-based ByteDance to sell TikTok to American buyers by Nov. 12, alleging that the short-form video app represents a national security threat from the Chinese government. That was extended to Nov. 27 and, with the Thanksgiving holiday, pushed for another week to Dec. 4.

If the Trump administration rejects the proposed deal involving TikTok, the app could be effectively banned by the U.S. At the same time, however, ByteDance and TikTok are pursuing litigation seeking to halt such a ban.

TikTok Revised Sale Proposal to Get U.S. Government Review Amid Threat of App Ban https://t.co/Ng80pYdE2w via @variety

— Todd Spangler (@xpangler) November 25, 2020