Digital World Acquisition scheduled a March 22 vote for shareholders to act on the proposed merger with Trump Media & Technology Group. The meeting is set for 10 Eastern.
Digital World stockholders of record as of the close of business Feb. 14 are entitled to vote.
The deal was announced almost 2 1/2 years ago.
If the merger is completed, former president Donald Trump would own nearly 79 million shares in the combined business, or as much as 69%. That stake could be worth as much as $3.95 billion based on the SPAC’s trading price, although Trump’s stock would be subject to a six-month lock-up.
Digital World less than a week ago revealed a dispute over compensation with its founder and former CEO Patrick Orlando, with the SPAC warning the conflict could postpone or even derail the long-delayed merger with Trump Media. Meanwhile, the ex-president’s media company is facing new disputes of its own.
Orlando was fired in March last year due to an SEC investigation of the SPAC’s pre-IPO activities. He remains a member of the board and majority owner of the SPAC’s founder shares. Read more.
