The chief executive of the blank-check acquisition firm that plans to merge with former U.S. President Donald Trump’s new social media venture is chasing retail investors to save another of his deals from falling apart, Reuters reports.
According to regulatory filings and a person familiar with the matter, Benessere Capital led by Patrick Orlando has postponed its special shareholders’ meeting to extend its deadline to complete a merger because not enough investors sent in their votes.
The special shareholder meeting has been rescheduled to Jan. 7, the previously set date for Benessere to close a deal, from Jan. 5. If Benessere Capital can’t secure enough shareholder votes to extend the deadline by then, the special purpose acquisition company (SPAC) will face the risk of being dissolved.
Orlando’s other SPAC, Yunhong International, liquidated last year, citing its “inability to consummate an initial business” within the deadline stipulated as per the company’s regulations in its filings.
His SPAC Digital World Acquisition is in a pending merger with Trump Media and Technology Group, the fledgling social media company in development by the ex-president. That SPAC faces a lawsuit from a former nominee for director. Read more.
