It’s Official: Trump’s Media-Focused Entity Is Finally Going Public as Digital World Announces a Shareholder Vote
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After being held up for nearly two years on one pretext or the other, including federal investigations on inappropriate disclosures and a full-fledged money laundering inquiry for allegedly receiving funds from Russia's Putin, the planned merger between the SPAC Digital World (DWAC) and the Trump Media and Technology Group (TMTG) - the entity that controls the Truth Social platform - is finally coming to fruition.
We reported earlier this week that the SPAC Digital World was gearing up to announce the date for a special meeting of its shareholders "within two business days," where those shareholders would be required to officially approve the proposed business combination with the Trump Media and Technology Group.
Related Story Trump-Linked Digital World To Announce Its Merger Date “Within Two Business Days” as Its Form S-4 Becomes Effective
Digital World has just announced via a new filing that the much-anticipated meeting of its shareholders will now occur at 10:00 a.m. on the 22nd of March, 2024:
Once approved, the shares of the merged entity will be able to trade on the Nasdaq index. What's more, former US President Trump will own 78.75 million shares of the combined company, making him by far the biggest beneficiary.
In preparation for its impending merger, Digital World has been setting its financial house in order in recent days. The SPAC issued promissory notes worth $50 million last week to bolster its liquidity. These notes offer annual interest of 8 percent and are eligible to be converted into equity, provided that qualifying conditions are met. Digital World is also likely to get around $35 million from the sale of warrants to certain institutional investors.
Moreover, to induce Trump's media-focused entity to continue to adhere to its merger agreement, Digital World recently announced $6.38 million in cumulative
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