• Digital World Acquisition Corp (DWAC, $22.13), the Nasdaq-listed blank check company which has agreed to acquire Truth Social’s parent company Trump Media & Technology Group (TMTG) and take it public, failed to garner the requisite 65% votes needed to extend the completion of the deal by an additional year.
• At stake is a $1.3 billion cash infusion that TMTG, which operates the former U.S. president’s Truth Social app, stands to receive from Digital World Acquisition Corp. The transaction has been on ice amid civil and criminal probes into the circumstances around the deal.
• The company announced plans to seek a one-year extension from its shareholders last month, pointing to at least two federal probes into the planned acquisition. The SEC is investigating allegations that DWAC’s executives held talks with Truth Social’s parent company before the blank check company went public.