Digital World Acquisition today said it closed its long-delayed merger with Trump Media & Technology Group.
The SPAC in an 8-K said 26,633,233 shares were voted in favor of combining with Donald Trump’s media company, with 66,010 against.
The SPAC said 4,939 shares were redeemed in connection with the vote. That represents one of the lowest redemption levels in recent blank-check deals.
The merger values Trump Media & Technology Group at an enterprise value of about $1.1 billion at the $10 per share transaction price. As majority owner of the combine company, Trump himself stands to reap more than three times as much following the end of a six-month lockup, based on current trading price.
TMTG stock and warrants are expected to begin trading tomorrow on the Nasdaq under the ticker symbols DJT and DJTWW.
Paul Hastings acted as legal counsel to Digital World.
Nelson Mullins Riley & Scarborough acted as legal counsel to TMTG.
EF Hutton served as sole underwriter and exclusive placement agent for Digital World. Read more.
