YUGE BLOW

Trump’s Truth Social Merger Under Threat After SPAC Extension Fails: Report

A planned merger was agreed to last October—and now it is in jeopardy.

The special purpose acquisition company (SPAC) that agreed to merge with Donald Trump’s post-Twitter social-media company has been unable to secure a one-year extension needed to complete the deal, according to a report. Citing unnamed parties familiar with the embattled merger, Reuters says Digital World Acquisition Corp. failed to secure enough shareholder support to approve the extension. A reported $1.3 billion cash injection for Trump Media & Technology Group (TMTG) is said to be a sticking point for the deal, which was agreed last October. Digital World had also hoped that the Securities & Exchange Commission, which is reviewing disclosures relating to the merger, would have given approval for the transaction to go ahead by now. The SPAC needs 65 percent of shareholders to approve the extension, with the results of the vote to be unveiled at a special meeting of shareholders on Tuesday.