The co-founders of former president Donald Trump’s media company agreed Saturday to an offer from Trump Media & Technology Group (TMTG) to place in escrow any additional shares of TMTG issued by TMTG prior to completion of its business combination with Digital World Acquisition (other than any shares issued to satisfy obligations with TMTG convertible notes). The disclosure was made by Digital World in a regulatory filing.
United Atlantic Ventures sued TMTG late last month alleging that that Trump and other company leaders had schemed to deprive them of a stake in the merged company that could be worth hundreds of millions of dollars.
TMTG advised the Delaware Chancery Court that it would agree that Vice Chancellor Sam Glasscock acknowledged that if any claims remained after Digital World’s stockholder vote on March 22, the court would address those issues expeditiously. However, the court advised that it would not block the stockholder vote, which will proceed as scheduled.
Vice Chancellor Glasscock directed TMTG and UAV to submit a proposed stipulated escrow order by close of business March 13.
Digital World in the filing said it will continue to update its disclosures regarding this matter as circumstances warrant.
