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Digital World, Truth Social Extend Deadline for Merger

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DWAC stockholders voted to extend the deadline for its merger agreement with TMTG that would unlock millions in financing for Truth Social.

Digital World Acquisition Corp. stockholders overwhelmingly voted to extend the deadline for its merger agreement with Trump Media & Technology Group Corp that would unlock millions in financing for former President Donald Trump’s Truth Social.

DWAC is a special purpose acquisition company in talks to merge with TMTG, Truth Social’s parent company. On Tuesday, 72 percent of DWAC shareholders voted to extend the merger’s timeline by up to one year.that the previous September 8, 2023, deadline could be a “catastrophic threat” to Truth Social.

TMTG would gain access to more than $1 billion in cash from DWAC’s institutional investors if the deal closes, ReutersThe merger would come at a pivotal time for Trump, as Truth Social is the primary platform he uses to communicate with his supporters. Trump has laid out his policy agenda and spoke on the ongoing criminal cases against him on the platform.SwiderWe are immensely grateful to our stockholders and our working group for their continued trust and support.

 

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