Digital World Acquisition Corp. (DWAC) stockholders overwhelmingly voted to extend the deadline for its merger agreement with Trump Media & Technology Group Corp (TMTG) that would unlock millions in financing for former President Donald Trump’s Truth Social.
DWAC is a special purpose acquisition company in talks to merge with TMTG, Truth Social’s parent company. On Tuesday, 72 percent of DWAC shareholders voted to extend the merger’s timeline by up to one year.
The vote comes after media outlets like the Washington Post warned that the previous September 8, 2023, deadline could be a “catastrophic threat” to Truth Social.
TMTG would gain access to more than $1 billion in cash from DWAC’s institutional investors if the deal closes, Reuters reported.
The merger would come at a pivotal time for Trump, as Truth Social is the primary platform he uses to communicate with his supporters. Trump has laid out his policy agenda and spoke on the ongoing criminal cases against him on the platform.
DWAC CEO Eric Swider extended his thanks to their stockholders for extending the merger timeline.
We are immensely grateful to our stockholders and our working group for their continued trust and support. This vote underscores their confidence in the potential merger with TMTG and the path we’ve set for the future. With many of our headwinds behind us we look forward to working with TMTG and our dedicated team to complete this transaction as quickly as possible.
TMTG CEO Devin Nunes similarly praised the stockholders in a statement released Wednesday.
“We are pleased by yesterday’s result,” Nunes said. “With this vote of confidence from DWAC shareholders, we will proceed as quickly as possible to complete our merger, which we expect will open up tremendous new opportunities to grow and expand TMTG and the Truth Social platform.”