Digital World Acquisition in a regulatory filing today said it received written notice from former CEO Patrick Orlando, the controlling member of the SPAC’s sponsor, ARC Global Investment II, that ARC would resign effective March 14 as the “Purchaser Representative.”
Orlando appointed RejuveTotal LLC, a New Mexico company as the replacement and successor “Purchaser Representative” holding all powers, authority, rights and privileges, conferred by the merger agreement with Trump Media & Technology Group.
Orlando is the controlling member of Rejuve and did not provide a reason for the appointment of Rejuve as the “Purchaser Representative,” Digital World notes in the filing. He was fired a year ago as CEO of the SPAC.
These maneuvers follow lawsuits filed by the SPAC and Orlando against each other last week. The SPAC’s litigation involves allegations that Orlando has tried to delay or block the reverse merger with fromer President Dnald Trump’s media company. Orlando’s suit alleges he is owed more money on the deal.
Digital World has a March 22 meeting on the calendar for shareholders to vote on the merger with
Trump’s company. If the deal ever closes, it could net the former president more than $3 billion, although his shares are subject to a six-month lockup. Additionally, if Trump were to rapidly dump his 69% stake in the company, it would almost certainly tank the stock price.
Digital World shares are up 165% year-to-date. Read more.
