Business Maverick: Trump-Tied SPAC Drops on Report It Can’t Get Deadline Push

Executives at the special purpose acquisition company don’t expect to get enough shareholder support for a one-year extension to complete a deal with Trump Media & Technology Group, Reuters reported, citing people familiar with the matter. The shares fell as much as 21% to $19.70 on Tuesday, the lowest since the deal was announced in October, while warrants tied to the SPAC sank 17%.

The company — which needs 65% of shareholders to support the extension — is now weighing delaying the vote deadline among other options, Reuters said. The shareholder meeting is scheduled for noon in New York on Tuesday and the company has been active in recent weeks, courting retail traders to vote — a group that historically misses out on similar events.

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