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Search resuls for: "DWAC's"


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☆ Digital World Acquisition Corp prepares merger-delay vote as Trump Media exec warns company will fail
  + stars: | 2022-10-10 | by ( Jack Stebbins | ) www.cnbc.com   time to read: +4 min
The former US President announced his intention to create a new social media platform after he was banned from Facebook and Twitter last year. The company is also dealing with the fallout from a Trump Media executive's whistleblower complaint to federal regulators. A senior vice president at Trump Media, William Wilkerson, filed a whistleblower complaint alleging securities violations in August. Trump Media recently announced that the company was exploring legal action against the SEC for delaying the deal. "If they don't come with the financing I'll have it private," Trump said to supporters in an early-October rally in Michigan.
☆ Trump-linked SPAC changes address to UPS store as investments pulled
  + stars: | 2022-09-26 | by ( Jack Stebbins | ) www.cnbc.com   time to read: +2 min
The social media app will be developed by Trump Media and Technology Group (TMTG). Digital World Acquisition Corp., the blank-check company looking to take Trump Media and Technology Group public, has changed its listed address to a UPS store in Miami. The change from a Miami office building to a UPS address came with DWAC's regulatory filing on Friday disclosing its financing losses. The contractual obligation for those investors to contribute to former President Donald Trump's media company after the deal had expired last Tuesday, allowing them to pull their funding. One of the former private investors told CNBC that it pulled financing from DWAC because of the many legal obstacles facing the company.
☆ Trump-linked Digital World Acquisition Corp shares are now around $16 after hitting $97 earlier this year
  + stars: | 2022-09-23 | by ( Jack Stebbins | ) www.cnbc.com   time to read: +4 min
DWAC, which is a special purpose acquisition company, or SPAC, has been set to be the vessel to take Trump Media and Technology Group public. Now, its share price sits around $16 as markets slide, the appetite for SPACs dries up and Trump faces mounting legal peril. DWAC secured $1 billion in financing from private investors in public equity, also known as PIPE, which would fund Trump Media after the merger. By converting and selling these shares, PIPE investors also have the power to significantly dilute the holdings of other investors including former president Trump. Trump Media, DWAC and the PIPE investors didn't immediately return a request for comment.
☆ Trump-linked SPAC faces new pressure from investors as merger hangs in the balance
  + stars: | 2022-09-20 | by ( Jack Stebbins | ) www.cnbc.com   time to read: +3 min
The social media app will be developed by Trump Media and Technology Group (TMTG). If it falls apart, it would mean a lot less money for Trump Media, even if it did end up going public through a merger with DWAC. The negotiation is an attempt to shift risk to DWAC and Trump Media, which owns Truth Social. Representatives for DWAC and Trump Media didn't immediately respond to a request for comment. Trump founded Trump Media and Technology Group and its platform Truth Social after he was banned from Twitter following the Jan. 6, 2021, Capitol riot.
☆ Trump-linked SPAC lacks votes to delay merger, adjourns shareholder meeting until October
  + stars: | 2022-09-08 | by ( Jack Stebbins | ) www.cnbc.com   time to read: +2 min
This illustration photo shows Donald Trump's new social media app Truth Social, glitching on a smartphone in Los Angeles, February 21, 2022. 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. Trump Media owns Truth Social, which was founded by the former president after he was banned from Twitter following the Jan. 6, 2021, Capitol riot. Digital World had previously warned that the vote's failure could result in the SPAC's liquidation.
☆ Trump SPAC deal at risk as merger deadline approaches
  + stars: | 2022-09-07 | by ( Jack Stebbins | ) www.cnbc.com   time to read: +3 min
Digital World Acquisition Corp. has a Thursday deadline to merge with Trump Media and Technology Group, the owner of Truth Social. The companies have failed to complete the merger, and federal investigations surrounding the deal and Trump have piled up. The failure of the DWAC merger could burn retail investors who tried their hand in SPAC investing because of the president. The company is facing federal probes into possible securities violations by DWAC and Trump Media and Technology Group. Representatives from DWAC and Trump Media did not immediately respond to requests for comment Wednesday.
☆ Trump-linked SPAC to resume meeting Thursday as it seeks votes to delay merger with ex-president's firm
  + stars: | 2022-09-06 | by ( Jack Stebbins | ) www.cnbc.com   time to read: +3 min
The special purpose acquisition company had a Thursday deadline to take Trump's media company and its Truth Social platform public. Digital World Acquisition Corp . adjourned its shareholder meeting after two minutes on Tuesday and said it will continue counting votes on whether to delay a merger with former President Donald Trump's media company. The former US President announced his intention to create a new social media platform after he was banned from Facebook and Twitter last year. Trump Media denied reports of financial strife that surfaced at the end of August. Orlando has been on a media campaign and posting on Truth Social to drum up enough votes for the extension.
☆ Digital World Acquisition Corp urges shareholders to delay merger with Trump Media
  + stars: | 2022-09-03 | by ( Jack Stebbins | ) www.cnbc.com   time to read: +4 min
Trump Media and Technology Group and the SPAC have faced increasing scrutiny in recent months. DWAC and Trump Media face a Thursday deadline to complete the merger, and the SPAC is eagerly seeking an extension. Trump Media and Technology Group and Truth Social were founded after Trump was banned from Twitter following the Jan. 6, 2021, Capitol riot. Trump Media announced in October 2021 that it would merge with DWAC to take the company public. Trump Media, headed by Republican former U.S. Rep. Devin Nunes, has said it also plans on launching TMTG News and TMTG+ video streaming services.
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