Digital World Acquisition, which is trying to take Donald Trump’s nascent media company public, is down 7.5% after the blank-check firm said it wasn’t able to file its 10-K for the year ended Dec. 31, 2022, while losses pile up, Bloomberg reports.
- DWAC expects yearly losses to be at least $10 million, “significantly greater than the loss reported” for the year prior and much higher than most SPACs report
- The SPAC said its accounting staff needs more time to prepare the statements and expects it will file the 10-K within the 15 day grace period.
These developments coincided on the eve of Trump’s arrest and arraignment in New York City on 34 felony counts related to a hush-money payment to a porn actress. He entered a not guilty plea. Read more.
