The blank check company that plans to take Trump Media and Technology Group and its Truth Social platform public said today that shareholders voted to delay a deadline for its merger with the former president’s firm. The new deadline is September 2023.
Shares of Digital World Acquisition closed more than 5% higher following a brief shareholder meeting announcing the delay, CNBC reports. DWAC faced liquidation next month if it couldn’t get a deadline extension, although the merger faces additional legal and financial obstacles. The SEC is probing the Trump Media-DWAC deal, as are federal criminal investigators.
The company, which hasn’t generated any revenue and already has $1 billion in financing already at risk, had delayed the meeting multiple times over recent months as it worked to garner support from shareholders. DWAC needed 65% of its shareholders to approve an extension of the deadline to merge with Trump Media. Read more.
