Digital World Acquisition in an 8-K filing today said it has raised $1 billion in PIPE commitments to support its proposed merger with Trump Media and Technology Group, the fledgling social media company in development by the ex-president.
None of the investors are named in the filing or the accompanying press release.
The SPAC is under scrutiny by FINRA and the SEC, which has asked the blank-check company for more details about certain investors. FINRA is reviewing share trading activity in Digital World just prior to the merger announcement in October.
The latest funding transaction will deliver estimated proceeds of approximately $1.25 billion after deducting deal expenses for the combined entity, according to the companies. Read more.
