Donald Trump’s Truth Society gets another lifeline thrown
Investors appear surprisingly bullish on the ability of a special purpose acquisition company (SPAC) called Digital World Acquisition Corporation (DWAC.O) to merge with Truth Social owner Trump Media and Technology Group (TMTG) is. This is despite him having three investigations against the company. Failure to obtain a quorum of shareholders could delay the closing of accounts for up to one year.
The three investigations are by the US Securities and Exchange Commission (SEC), financial industry regulators, and federal prosecutors. Those questions forced the company to ask its shareholder to grant him a one-year extension until the transaction is completed. Without this, the company would have been forced into liquidation on his Sept. 8, returning his $10.20 per share to investors.
When 65% of investors did not approve an extension by the Sept. 6 deadline, the company attempted a Hail Mary on Sept. 6, offering up to four 3 or 3 in exchange for a small cash payment of $2.875. We asked shareholders to approve the extension of the month. $1 million per quarter, or $0.10 per share.
done! The company still failed to get a quorum from shareholders to get his four extensions, but it changed the governing document Allow two 3-month extensions. On September 8, Digital World Acquisition Corp. Issued promissory note to ARC Global Investments II LLC, the company sponsor in connection with the extension of the first three months (and possibly other extensions) of the termination date of the business combination with TMTG. The bonds are convertible into new shares at $10 per share.
The company has also moved its extraordinary general meeting again from September 8 to October 10, hoping to achieve a quorum from shareholders to allow four three-month extensions. DWAC stock price he rose 2.8% to $24. It is trading at a fraction of its 52-week high of $175 per share set on Oct. 22, 2021, but could trade at more than double his liquidation price if the merger doesn’t go through. I’m here.
https://www.forbes.com/sites/derekbaine/2022/09/10/donald-trumps-truth-social-gets-thrown-another-lifeline/ Donald Trump’s Truth Society gets another lifeline thrown