Digital World Acquisition Corp. has announced that its stockholders have approved the proposed merger with Trump Media & Technology Group Corp. (TMTG). The approval comes after a series of amendments to the merger agreement and marks a significant step in the process.
Following the business combination, TMTG is expected to continue as the surviving corporation and trade on the NASDAQ stock market under the ticker symbols "DJT" and "DJTWW". The formal results of the vote were filed with the Securities and Exchange Commission on March 22, 2024.
Digital World Acquisition Corp.'s CEO, Eric Swider, expressed gratitude for the stockholders' trust and support, highlighting the progress made during his tenure. TMTG CEO Devin Nunes emphasized their commitment to defending free expression on the internet and the transition to a public company.
The press release also mentioned the legal counsels involved in the merger and the sole underwriter and exclusive placement agent for Digital World. Digital World Acquisition Corp. is a special purpose acquisition company, while TMTG operates Truth Social, a social media platform focused on providing a safe harbor for free expression amid increasing censorship by big tech corporations.
These developments signal a significant shift in the business landscape and set the stage for the future direction of the combined entity as it aims to address challenges related to free speech and censorship on the internet.
The market reacted to these announcements by moving the company's shares -13.7% on Friday to a price of $36.94. For more information, read the company's full 8-K submission here.
