Is the Truth Social Merger looking for an off ramp? Updated 3/22

It appears they have, again, moved their shareholders meeting, now to 3pm. Haven’t disclosed the vote count … so that means they are probably still short.

Edit… they adjourned the meeting again, now to 5pm…. Third time.

Today is the last day, though, they either need the votes or a funding today or the merger is dead.

Edit 2… They cancelled the 5pm Shareholders meeting (4th meeting cancelled in 2 days) with no explanation… said they will post something on Truth Social latter. Total ass clown crap show, here.

 

Looks like after the original proxy vote fell short of what they needed to keep the deal on track, the SPAC "forgot" to pay the bill of the company they hired to manage the proxy vote ... which they owe 6 figures... The CEO of the SPAC is quoted as saying there is no money to pay the bill. But don't worry, they just moved on to a new proxy vote service ... LOL.

Executives behind a blank-cheque company that plans to take Donald Trump’s media business public have failed to pay their proxy solicitors even as they struggle to drum up support for an extension to complete the deal.

Digital World Acquisition Corporation, a special purpose acquisition company set up by Patrick Orlando, has not paid Saratoga Proxy Consulting for its work helping to rally shareholders, according to people familiar with the situation.

DWAC owes the New York-based firm a six-figure sum but Orlando has informed it that there is no money to pay the bill, one of the people said. On Friday, the company announced that it had brought on a new proxy solicitor, Alliance Advisors.

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This merger between DWAC and Trump Media and Truth Social to take them public still hasn't happened ... and today, DWAC fired their CEO and said the company is entering a "new phase"... not sure what they means,DWAC only has one objective, I believe by the laws governing special acquisition companies, they either have to merge with truth social or liquidate.

The stock is about $12, was almost delisted recently for not paying NASDAQ fees, and is down 93% from the $175 reached shortly after the announcement.

https://www.cnbc.com/2023/03/22/trump-linked-digital-world-acquisition-corp-fires-ceo.html