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Digital World Acquisition Corp. And Trump Media & Technology Group Corp. Reaffirm Commitment To Merger

  Digital World Acquisition Corp. And Trump Media & Technology Group Corp. Reaffirm Commitment To Merger MIAMI, FL / ACCESSWIRE / August 9, 2023 / Special purpose acquisition company Digital World Acquisition Corp. (Nasdaq:DWAC) ("DWAC") and Trump Media & Technology Group Corp. ("TMTG"), which operates the Truth Social platform, are pleased to announce they have agreed on an amendment to their previously announced Agreement and Plan of Merger (the "Merger Agreement"). In conjunction with DWAC's engagement of a new independent auditor and receipt of an extension to file its amended annual report on Form 10-K and quarterly report on Form 10-Q for the quarter ended March 31, 2023, the Merger Agreement is expected to enable DWAC and TMTG to move forward expeditiously toward their shared objective of completing a business combination in the coming months.  Once consummated, the merger will capitalize TMTG-which has rapidly developed Truth Social fro...
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Another pressing issue for Digital World:

  Another pressing issue for Digital World:  in May it said it will need to restate its 2022 financial results after accounting errors were discovered. It’s former auditor, Marcum LLP resigned, citing the SEC charges. The SPAC, which has since hired Adeptus Partners, was also warned by Nasdaq that its shares could be delisted for delays in filing its financial reports. The delayed vote follows a trend that dogged Digital World last year when the SPAC had to postpone the vote a handful of times as it hounded the individual-investor crowd to approve the proposals. But for the SPAC’s shareholders, Trump Media’s commitment to the deal until the end of the year was a strongly positive move forward, said Usha Rodrigues, a professor of corporate law at the University of Georgia School of Law. “However, the SPAC will still need to get investor buy in to extend the SPAC,” she said, “which isn’t guaranteed.”
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