Big Law

SPAC Aiming to Take Trump’s Media Company Public Lacks Votes to Delay Merger

Digital World Acquisition Corp., the SPAC aiming to take former President Donald Trump’s media company public, adjourned its shareholder meeting until Oct. 10 to allow voting to continue on delaying the merger.

DWAC had already twice adjourned the meeting earlier in the day after previously adjourning it Tuesday. The deadline for the merger was set for Thursday. The vote could decide the fate of a $1.3 billion cash infusion from DWAC’s public offering and Trump Media and Technology Group’s potential listing on the stock market.

DWAC confirmed Thursday that ARC Global Investments II, a company controlled by DWAC CEO Patrick Orlando, initiated a built-in, three-month extension by depositing $2.8 million into DWAC’s trust account.

Read the source article at cnbc.com

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