The blank-check firm working to take Trump Media & Technology Group public scored a win after a court declined to expedite a lawsuit, opening the door to investor approval of the transaction.
Digital World Acquisition, which is scheduled to host a March 22 investor vote on the proposed merger with Trump Media, said a Delaware judge denied a request from Patrick Orlando’s ARC Global Investments II that threatened to delay the deal’s completion, Bloomberg reports. Orlando sued to block the deal until he obtained a larger payout, according to a lawsuit docketed last Thursday in Delaware. He was ousted as CEO of the SPAC a year ago, but remains on the board.
ARC Global Investments II, which is controlled by Orlando, said it was being short-changed the amount of stock it should receive in Digital World once it merged with the former president’s Trump Media & Technology Group.
Digital World has sued Orlando and his investment firm for alleged interference with the deal.
Hanging in the balance is a potential $3 billion-plus windfall for the former president, who owns 79% of Trump Media. His shares remain subject to a six-month lockup if the deal ever closes. Read more.
