The blank-check acquisition firm that agreed to merge with former U.S. president Donald Trump's social media company failed on Tuesday to secure enough shareholder support for a one-year extension to complete the deal.
At stake is a US$1.3 billion cash infusion that Trump Media & Technology Group , which operates the Truth Social app, stands to receive from Digital World Acquisition Corp., the special purpose acquisition company that inked a deal in October to take TMTG public.
Digital World needs 65% of its shareholders to vote in favour of the proposal, but the support as of late Monday fell far short, Reuters reported. Digital World did not disclose the margin on Tuesday.Digital World is set to liquidate on Thursday and return the money raised in its September 2021 initial public offering to shareholders unless action is taken.
Digital World has disclosed that the SEC, Financial Industry Regulatory Authority and federal prosecutors have been investigating the deal with TMTG, though the exact scope of the probes is unclear.
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