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Search resuls for: "Svea Herbst-Bayliss Echo Wang"


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☆ Trump merger partner Digital World delays shareholder vote again
  + stars: | 2022-11-03 | by ( Svea Herbst-Bayliss Echo Wang | Svea Herbst-Bayliss | Echo Wang | ) www.reuters.com   time to read: +1 min
Digital World Acquisition Corp (DWAC) (DWAC.O) Chief Executive Patrick Orlando on Thursday said he is extending a voting deadline until Nov. 22. At stake is a $1.3 billion cash infusion that Trump Media & Technology Group (TMTG), which operates Trump's Truth Social app, stands to receive from DWAC. DWAC shares, which have tumbled nearly 70% since January, inched up modestly in early trading on Thursday to $16.31. Before that it had delayed several times, moving the deadline to Oct. 10 from Sept. 8, and before that from Sept. 6. By Sept. 26, DWAC had only 43% of shareholders' approval, according to a document seen by Reuters.
☆ Analysis: Behind Trump's media deal, a vote where only yes will do
  + stars: | 2022-09-20 | by ( Svea Herbst-Bayliss Echo Wang Krystal Hu | Svea Herbst-Bayliss | Echo Wang | ) www.reuters.com   time to read: +6 min
Digital World's shares rallied as much as 1,650% that month, making it the most valuable SPAC of all time. 'HURTS REALLY, REALLY, BADLY'The deal's woes have rattled Trump's supporters who bought into Digital World because of him. When it still fell short, Digital World delayed the vote again, first until later that day and then to Oct. 10. It is unclear how many investors will do so and whether Digital World will seek new investors to replace them. They got about 40% of Digital World shareholders to vote in favor of the extension, sources told Reuters at the time.
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