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Trump urged to tell Digital World shareholders to vote on delaying Truth Social merger

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Homepage and announcement of “Truth Social” app.

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Patrick Orlando, the CEO of the shell company about to go public Trump Media and Technology Group, on Friday urged Donald Trump and Trump Media CEO Devin Nunes to push for an upcoming vote to extend the deadline for the merger of the two companies. .

“@realDonaldTrump @DevinNunes let’s raise awareness about voting,” the head of Digital World Acquisition Corp wrote. in an article from Truth Social that included information about the shareholder vote.

Representatives for DWAC and TMTG did not immediately respond to a request for comment.

DWAC shareholders will vote on Oct. 10 to approve an extension to the merger deadline. A similar vote in September failed to garner the necessary support from 65% of investors. Orlando then funneled $2.8 million from his company Arc Global Investments II into a trust for DWAC, helping it avoid liquidation for the time being.

The former president has already hinted that he would kill the deal to go public and use his own money to fund the media venture. “Who knows? Anyway, I don’t need financing, ‘I’m really rich!’ Private company anyone???” Trump wrote in a Truth Social article in early September.

DWAC is a special purpose acquisition company, or SPAC. These so-called blank check companies find companies to list in stock markets.

DWAC has until December to complete the merger with Trump Media and take over the former president’s company, giving him access to billions of dollars. A positive shareholder vote would extend the deadline by approximately one year.

Another key deadline for the deal passed in September. The private investors who agreed to provide around $1 billion as a result of the merger are no longer contractually obligated to provide that capital. DWAC reported last week that $138 million of the private investment has already been withdrawn.

These are far from the only issues facing DWAC and Trump Media. Both companies are under investigation by the Department of Justice over possible securities violations related to conversations that took place between company representatives prior to the merger. The Securities and Exchange Commission is also investigating the deal.

Trump Media said it was considering legal action against the SEC, saying the regulator delayed the merger.

The former president is also the subject of multiple investigations of his own. New York Attorney General Letitia James recently announced civil lawsuits against him, the Trump Organization and his three seniors for fraud. He is also under investigation for his actions related to the removal of sensitive White House documents, his alleged interference in the 2020 presidential election and for his role in the Jan. 6, 2021 Capitol insurrection.

Trump launched Truth Social and Trump Media after being banned from Twitter and other social media platforms following the riot, when hundreds of his supporters stormed Congress in a failed attempt to stop lawmakers from confirm Joe Biden’s victory in the 2020 election.

DWAC closed more than 3% higher at $16.81, but is a far cry from its 2022 high of around $97.

Sources

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2/ https://www.cnbc.com/2022/09/30/donald-trump-truth-social-devin-nunes-digital-world-merger-delay.html

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