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Digital World Acquisition Corp. (DWAC), founded in 2021, was an American special-purpose acquisition company (SPAC), a shell corporation listed on a stock exchange with the purpose of acquiring (or merging with) a private company, thus making the private company public without going through the initial public offering process, which often carries significant procedural and regulatory burdens.
Thanks to a new shareholder vote, Digital World Acquisition Corp (DWAC) will now have until September 8, 2023 to complete its merger with the Truth Social parent company.
On February 15, 2024, the SEC approved the merger, declaring the registration statement for DWAC's combination with TMTG to be effective after markets closed on Wednesday, February 14, 2024. [185] [186] [187] In March 2024, DWAC shareholders finally voted to merge with TMTG, which was followed by an overnight 14% drop in DWAC's share price. [21]
The SEC has cleared the merger of Trump Media & Technology Group (which owns Truth Social) and Digital World Acquisition Corp. (DWAC), a SPAC which plans to bring the company public.
Prior to the merger, DWAC had been on the public market since 2021. At Tuesday's closing price of $57.99, Trump Media had a market cap of around $8 billion. ... According to an SEC filing from ...
Donald Trump could net a $3 billion paper windfall after shareholders of Digital World Acquisition voted Friday to merge with his media business. But that may not solve his cash crunch.
Shareholders in Digital World Acquisition Corp. voted Friday to approve a merger with Donald Trump’s social media company, a deal that could net the former president an eventual windfall of $3 ...
DWAC has been left with close to $300 million in funds it raised with its initial public offering in 2021, but that money is earmarked to go to TMTG once their merger gets completed.