Trump’s Truth Social merger with SPAC wins 1-year reprieve with shareholders vote

📆 05/09/2023 21:56:00
📰 MarketWatch

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The long-running negotiations to merge Trump’s media company with a blank check firm faced collapse on Friday if the deadline wasn’t extended.

The long-stalled talks to merge former president Donald Trump’s Truth Social with a blank check firm, was granted a reprieve on Tuesday after shareholders of the special acquisition company voted to extend a negotiation deadline for another year.

DWAC had been furiously lobbying shareholders to roll back the clock on the deadline. On Tuesday morning, shareholders voted to approve the extension for another 12 months, the Wall Street Journal reported. In July, DWAC agreed to settle fraud charges with the Securities and Exchange Commission alleging it misled investors in the deal.

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Truth Social investment partner extends deadline, avoiding liquidationThe extension was granted three days before Digital World would have been required to dissolve itself and return money to investors.
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