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Merger Meeting for Trump’s Social Media Venture Postponed Amid Extension Request

Suspected Shell CompaniesMerger Meeting for Trump's Social Media Venture Postponed Amid Extension Request

The shell company planning to merge with Donald J. Trump’s social media venture has postponed a vital shareholder meeting scheduled for Thursday. The company seeks approval to extend the deadline for its delayed deal with Trump Media & Technology Group. The shareholders now have until September 5 to agree, just days before the company must liquidate and return $300 million raised in a 2021 IPO. The company, Digital World Acquisition Corp., functions as a special purpose acquisition vehicle (SPAC). It faces a time constraint this year due to a September 8 liquidation date. Around 65% of shareholders, mostly retail investors, need to approve the extension.

This decision follows a settlement with the SEC in July over events preceding the initial merger announcement. If the merger is successful, it will provide Trump Media with much-needed funding. Trump Media is behind Truth Social, which serves as Donald Trump’s platform. However, growth has slowed since its launch last year, with the Truth Social app being downloaded two million times this year and a total of six million times overall.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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