December 9, 2022

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SPAC Linked to Trump’s Media Company Is Granted an Extension on Merger

2 min read

Investors in the blank-check company that plans to merge with former President Donald J. Trump’s social media company have agreed to extend the deadline for closing the deal by nine months.

But the deal could lose its allure. The centerpiece of its company’s offering is Truth Social, a right-wing alternative to Twitter — and Twitter has now reinstated Mr. Trump’s account, giving him the option of returning.

Patrick Orlando, the main backer and chief executive of Digital World Acquisition Corp., the so-called special purpose acquisition company, announced that shareholders had approved the extension during an online meeting on Tuesday.

The shareholder extension keeps alive the potential for Trump Media & Technology Group to tap into the $300 million that Digital World raised from investors after its public listing some 14 months ago.

The extra time to complete the deal still doesn’t mean it is a certainty.

Federal prosecutors have been investigating potentially improper communications between representatives of the companies before Digital World’s listing last October and the unusual trading in Digital World securities before the merger announcement. The Securities and Exchange Commission is running its own investigation. Their findings could torpedo the merger.

Matthew Goldstein

2022-11-22 16:07:49

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