Investors have granted Digital World Acquisition Corp. (DWAC), the blank check company seeking to take Truth Social public, an additional year to finalize its merger with Trump Media & Technology Group (TMTG), former President Trump’s media startup. This extension comes just days before the original Sept. 8 merger deadline, as reported by Axios. It is worth noting that this is DWAC’s second yearlong extension. Had the extension vote failed, DWAC would have been forced to return the $300 million it raised to shareholders and liquidate, according to Reuters.
In a Truth Social post on Tuesday, DWAC CEO Eric Swider expressed gratitude for the considerable support and emphasized the company’s focus on the task at hand. The merger between DWAC and TMTG has faced significant challenges, including charges filed against a former DWAC board member and settlement of fraud charges with the Securities and Exchange Commission.
As of yet, neither DWAC nor TMTG have responded to requests for comment from The Hill.
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