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DWAC has been left with close to $300 million in funds it raised with its initial public offering in 2021, but that money is earmarked to go to TMTG once their merger gets completed.
The vote by DWAC shareholders comes about 2½ years after the so-called special purpose acquisition company announced plans to merge with Trump Media & Technology Group, the private firm that owns ...
Digital World Acquisition Corp. (DWAC), founded in 2021, was an American special-purpose acquisition company (SPAC), a shell corporation listed on a stock exchange with the purpose of acquiring (or merging with) a private company, thus making the private company public without going through the initial public offering process, which often carries significant procedural and regulatory burdens.
Tuesday's news was just the latest chapter in DWAC's attempt to delay the merger. Shareholders had been asked to gather six times previously — on Sep. 6, Sept. 8 (three times), Oct. 10, and Nov ...
Cano agreed, and Swider “made good on his promise,” while also providing Cano with a convertible note worth 165,000 shares of DWAC’s stock — an award valued at more than $6 million at the ...
A November 2023 DWAC financial disclosure expressed substantial doubt about TMTG's ability to meet its financial obligations, showing a $31.5 million loss since inception. [ 26 ] [ 27 ] [ 28 ] On November 21, 2023, TMTG filed a lawsuit seeking $1.5 billion in damages from 20 media outlets for falsely reporting a $73 million loss.
According to an SEC filing from DWAC, Trump Media lost $49 million in the first nine months of last year and brought in $3.4 million in revenue. ... Click here for the latest stock market news and ...
DWAC shares were trading for just over $49.50 on Friday morning, putting the value of that stake at roughly $4 billion. (Lock-up rules would prevent him from accessing any of that money until six ...