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☆ Digital World CEO urges Donald Trump to push shareholders to vote on merger delay
  + stars: | 2022-09-30 | by ( Jack Stebbins | ) www.cnbc.com   time to read: +3 min
Patrick Orlando, the CEO of the shell company set to take Trump Media and Technology Group public, on Friday urged Donald Trump and Trump Media CEO Devin Nunes to promote an upcoming vote to extend the merger deadline for the two companies. "@realDonaldTrump @DevinNunes let's get the vote awareness up," the Digital World Acquisition Corp . chief wrote in a Truth Social post that attached information about the shareholder vote. DWAC stockholders will vote on Oct. 10 to approve an extension to the merger deadline. These are far from the only issues facing DWAC and Trump Media. Trump Media has said it was exploring legal proceedings against the SEC, saying the regulator has delayed the merger.
☆ Hammerhead plans rare U.S. listing of Canadian gas producer in over $1 bln SPAC deal
  + stars: | 2022-09-26 | by ( ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com RegisterThe Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah MoonSept 26 (Reuters) - Hammerhead Resources Inc plans to list on the Nasdaq by merging with blank check company Decarbonization Plus Acquisition Corporation IV (DCRD.O) in a C$1.39 billion ($1.02 billion) deal, a rare U.S.-listing for a Canadian oil and gas producer. Its decarbonization investment campaign across its asset base is estimated to require $240 million of capital between 2023 and 2029. CIBC Capital Markets and Peters & Co. Limited are acting as financial and capital markets advisers to Hammerhead. ($1 = 1.3652 Canadian dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Mehnaz Yasmin in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.
☆ 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.
☆ 'Moneyball' manager Billy Beane says Warren Buffett's investing lessons apply to baseball too - and Seth Klarman agrees
  + stars: | 2022-09-24 | by ( Theron Mohamed | ) www.businessinsider.com   time to read: +4 min
"Moneyball" star Billy Beane said Warren Buffett and Charlie Munger's lessons apply to baseball. Author Michael Lewis profiled Beane in "Moneyball," and Brad Pitt played the baseball executive in the movie adaptation of the book. "It's about finding value in athletes, in baseball players — but those principles apply across areas," the billionaire investor and Baupost Group CEO said. Klarman has been heralded as "the next Warren Buffett," including by the Berkshire chief himself. Read more: Table tennis champion Ariel Hsing has been friends with Warren Buffett for more than a decade.
☆ 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.
☆ Meet Michael Klausner, the Stanford law professor who is the biggest critic of the SPAC deal craze — and believes its crash was 'completely predictable'
  + stars: | 2022-09-23 | by ( Sindhu Sundar | Stephanie Palazzolo | ) www.businessinsider.com   time to read: +7 min
Many SPAC deals announced last year have been having a hard time closing. Now, the dismal fates of dozens of SPAC deals announced during last year's SPAC frenzy seem to vindicate his analysis. And others this year, like men's grooming brand Manscaped, SeatGeek, the live event ticket search engine, and business news outlet, Forbes, have all scrapped their SPAC deals to go public. Klausner has been paying attention to SPAC deals for a few years. Of the 275 deals announced in 2021, 240 have closed, according to Dealogic data.
☆ Some investors backing out of SPAC merging with Trump's media firm
  + stars: | 2022-09-23 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Dado Ruvic/Illustration/File PhotoSept 23 (Reuters) - Some investors are backing out of Digital World Acquisition Corp's (DWAC.O) plan to acquire former U.S. President Donald Trump's social media firm Truth Social, the blank-check firm said on Friday. Digital World said it had received termination notices from private investment in public equity (PIPE) investors ending nearly $139 million in investments out of the $1 billion commitment it had previously announced. Register now for FREE unlimited access to Reuters.com RegisterDigital World did not disclose the investors that pulled out. Sources told Reuters Sabby Management, which had committed $100 million to the PIPE, is one of the investors who have terminated. Many are waiting for DWAC to propose more preferred terms to PIPE investors, sources added.
☆ 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.
☆ 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 SPAC fails to pay proxy firm despite tough hunt for votes, Financial Times reports
  + stars: | 2022-09-17 | by ( ) www.reuters.com   time to read: +1 min
Register now for FREE unlimited access to Reuters.com RegisterThe Truth social network logo is seen on a smartphone in front of a display of former U.S. President Donald Trump in this picture illustration taken February 21, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoSept 17 (Reuters) - Executives behind a blank-cheque company Digital World Acquisition Corp (DWAC.O) that plans to take Donald Trump's media business public have failed to pay their proxy solicitors, The Financial Times reported on Saturday. https://on.ft.com/3BpVjalDigital World Acquisition Corp, set up by Patrick Orlando, has not paid Saratoga Proxy Consulting for its work helping to rally shareholders, report said, citing people familiar with the matter. Digital World and Saratoga Proxy Consulting did not respond to emailed requests for comment outside of business hours. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jaiveer Singh Shekhawat in Bengaluru, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.
☆ Video platform Rumble to go public after successful SPAC vote
  + stars: | 2022-09-15 | by ( Jack Stebbins | ) www.cnbc.com   time to read: +2 min
The Rumble video platform logo on a laptop computer arranged in Hastings on Hudson, New York, U.S., on Saturday, Jan. 23, 2021. Shareholders of the special purpose acquisition company Cantor Fitzgerald Acquisition Corp. VI voted Thursday to take the video platform Rumble public. The blank check company set to take it public is led by Cantor Fitzgerald CEO Howard Lutnick. The Rumble vote comes soon after shareholders of a SPAC seeking to take Trump Media and Technology Group public failed to approve a deadline extension for the deal. Shares of Cantor Fitzgerald Acquisition Corp.
☆ 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.
☆ Trump's Truth Social barred from Google Play store over content moderation concerns
  + stars: | 2022-08-30 | by ( Jack Stebbins | ) www.cnbc.com   time to read: +4 min
Truth Social, the would-be Twitter competitor created by Trump Media and Technology Group, remains unavailable on the Google Play store. Truth Social acknowledged Google's concerns and said it would work on addressing these issues, according to Axios. Well, look, that's up to the Google Play store. "It is our belief that all Americans should have access to Truth Social no matter what devices they use. We look forward to Google approving Truth Social at their earliest convenience."
☆ Trump-linked SPAC's stock falls as shareholders weigh delaying merger with ex-president's media firm
  + stars: | 2022-08-29 | by ( Jack Stebbins | ) www.cnbc.com   time to read: +2 min
The current deadline to take Trump Media public is Sept. 8. Trump Media and Technology Group controls Truth Social, which is reportedly facing severe financial difficulties. DWAC warned last week that damage to the former president's dwindling popularity could hurt the deal. The Securities and Exchange Commission as well as the Justice Department have been investigating the proposed merger between DWAC and Trump Media. Federal prosecutors have subpoenaed Trump Media as it probes possible undisclosed conversations between the SPAC and Trump Media employees that may have violated securities regulations.
☆ SPACs are running out of time to close dozens of deals with startups that hoped to go public. Here's why they're being delayed and may not get done.
  + stars: | 2022-08-22 | by ( Sindhu Sundar | Stephanie Palazzolo | ) www.businessinsider.com   time to read: +5 min
SPAC mergers announced last year have yet to close and are up against the clock. In 2021 alone, they raised nearly $163 billion, and 275 merger deals were announced, according to data from Dealogic. Several SPAC mergers are now in limbo, among them embattled mortgage startup Better.com, fintech company Aspiration, and crypto startup Bullish, which all announced their SPAC mergers more than a year ago. Those price tags are no longer reliable as they've become outdated, adding an extra challenge to securing financing to close deals during a downturn, experts said. Deadlines to close SPAC mergers can vary depending on the lifespan of the blank-check company in question, but typically range from a year to two years.
☆ A former 'The Apprentice' contestant who first pitched Truth Social to Trump has left the company behind the app, report says
  + stars: | 2022-06-29 | by ( Isobel Asher Hamilton | ) www.businessinsider.com   time to read: +3 min
Andy Dean Litinsky, a senior exec at the company behind Truth Social, left months ago Reuters reports. Litinsky is a former "The Apprentice" contestant who reportedly pitched Truth Social to Donald Trump. Andy Dean Litinsky — who sometimes goes by just Andy Dean — appeared as a contestant on the first season of "The Apprentice" with Trump in 2004, and was hired by Trump in 2006 to head up his production company Trump Productions. The New York Times, The Guardian, and Reuters reported Litinsky pitched the idea for Truth Social to Trump along with fellow former "The Apprentice" cast member Wes Moss in January 2021. One source told The Guardian in April that Litinsky and Moss were the "senior, day-to-day leadership" at Trump Media and Technology Group, the company behind Truth Social.
☆ Giants like Amazon, Walmart, and FedEx are desperate for electric delivery vans. Here are 7 hot names racing to win them over and lead in the projected $370 billion market.
  + stars: | 2022-02-14 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com   time to read: +10 min
Major players like Amazon, UPS, and FedEx are driving demand for electric delivery vehicles. Here's a look at seven new names tapping into the red-hot commercial electric-vehicle sector, according to industry experts. The Walmart order was especially noteworthy, as budding commercial electric-vehicle players race to win contracts with the world's largest e-commerce giants. RivianThe EV startup Rivian began turning heads in 2019 when Amazon announced it was ordering 100,000 of its electric delivery vans. Lightning eMotors recently struck a deal to electrify certain General Motors medium-duty truck platforms that can be used for buses, delivery trucks, and work trucks.
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