Shareholders in Digital World Acquisition (DWAC), the special purpose acquisition company which is looking to merge with social media firm Truth Social, founded by former President Donald Trump, voted on Tuesday to provide the parties up to a one year extension to finalize the deal.
On Tuesday a person familiar with the vote said that following a number of delays, enough shareholders were convinced to provide DWAC with an additional 12 months to finalize its plans with Trump Media and Technology Group (TMTG) to produce a vote to extend the deadline.
Of its roughly 400,000 shareholders, DWAC needed 65% to vote to approve extending the deadline.
Neither DWAC or TMTG have commented on the vote.
Had DWAC not been able to secure the vote for an extension by the shareholders by the 8th of September, the corporate charter for the company would have required it liquidate the $300 million it raised in its initial public offering and return it to the current shareholders.
On Tuesday, shares of DWAC were trading at $16.80, up 1.8% for the day, but substantially down from the $97 per share it was priced at in March of 2022.
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