WASHINGTON - The future of former president Donald Trump's social media platform remains in doubt after a cash-rich company that it had hoped to merge with announced Tuesday that it needed a couple of more days toDigital World Acquisition had scheduled a meeting Tuesday to announce the outcome of the shareholder vote to extend the deadline for completing the merger by another year.
If the special purpose acquisition company, or Spac, cannot get 65 per cent of shareholders to approve the extension, it might be forced to liquidate and return to shareholders the nearly US$300 million it raised in an initial public offering in September. The filing said the sponsor was prepared to provide Digital World with an additional US$2.8 million to give it an extra three months to complete the deal.