Investors in the blank-cheque acquisition company that plans to merge with former U.S. President Donald Trump’s social media firm on Tuesday voted to give the firm an extension of up to one year to complete the Digital World Acquisition Corp deal.
Digital World needed to get 65% of its roughly 400,000 shareholders to vote to approve the extension.Time was running out for Digital World ahead of a Sept. 8 deadline where the corporate charter would require the company to liquidate and return to current shareholders the $300 million it raised in its initial public offering in 2021 if shareholders did not approve the extension.
Digital World has faced a series of challenges since the October 2021 announcement that it was planning to acquire TMTG. It has been the target of investigations by the U.S. Department of Justice and the Securities and Exchange Commission .
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