Digital World Acquisition Corp. (NASDAQ: DWAC) has recently undergone significant developments in its merger process with Trump Media & Technology Group Corp. (TMTG). The Court of Chancery of the State of Delaware has cleared the way for a merger vote following a hearing on a complaint filed by United Atlantic Ventures, LLC (UAV) against TMTG.
The stockholder vote on the proposed business combination is scheduled to take place on March 22, 2024. Vice Chancellor Sam Glasscock, during a hearing, indicated that the court would not block the stockholder vote, allowing it to proceed as currently scheduled. However, any additional shares of TMTG issued before or upon the consummation of the business combination, excluding those issued to satisfy obligations pursuant to TMTG convertible notes, will be placed in escrow pending a resolution of the dispute between the parties.
Digital World will continue to update its disclosures regarding this matter as circumstances warrant. The company's registration statement on Form S-4, declared effective as of February 14, 2024, and the proxy statement in connection with the business combination contain critical information for stockholders and interested parties.
During the hearing, TMTG advised the court that it would agree to place any additional shares issued by TMTG in escrow, and Vice Chancellor Glasscock directed TMTG and UAV to submit a proposed stipulated escrow order by March 13, 2024.
As the merger process progresses, it's important for securityholders and interested parties to stay informed about these significant developments.
Digital World Acquisition Corp. (NASDAQ: DWAC) is a special purpose acquisition company, while TMTG is focused on ending big tech’s assault on free speech through its social media platform, Truth Social.
The mission of TMTG is to open up the internet and give people their voices back, operating as a safe harbor for free expression amid increasing censorship by big tech corporations.
Participants in the solicitation include Digital World, TMTG, and certain of their respective directors, executive officers, other members of management, and employees. It's essential for securityholders and other interested persons to keep track of the latest updates and disclosures from both companies as the merger progresses.
Following these announcements, the company's shares moved -4.3%, and are now trading at a price of $38.25. For the full picture, make sure to review Digital World Acquisition's 8-K report.
