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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.
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 ...
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.
On November 3, DWAC postponed the shareholder vote on the merger deal for a sixth time. [162] In January 2023, the New York Times reported that, while Truth Social now carried advertising, it was limited to niche products, without the participation of major brands. It reported Truth Social's burn rate at around $1.7m per month. [163]
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 ... 2023 to complete its ...
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.
Tuesday's news was just the latest chapter in DWAC's attempt to delay the merger. Shareholders had been asked to gather six times previously — on Sep. 6, Sept. 8 (three times), Oct. 10, and Nov ...
Donald Trump could net a $3 billion paper windfall after shareholders of Digital World Acquisition Corp. voted Friday to merge with his media business.It comes at a critical time for the former ...