The parent company of Donald Trump's social media platform sees a make-or-break shareholder vote on a potential merger this week.
In October 2021, TMTG announced it would be merging with DWAC, a special-purpose acquisition company [SPAC], or"blank-check" acquisition company, in a move that would see its value on the stock market potentially hit $1.7 billion once public.
A phone screen displays the Truth Social app in Washington, DC, on February 21, 2022. Truth Social's owners TMTG is asking shareholders for another year to complete a planned merger with DWAC.If the required 65 percent approval vote threshold fails and a deadline is not extended, DWAC will be forced to liquidateit raised back to the shareholders, leaving Trump's Truth Social platform with a potentially rocky future. TMTG has been contacted for comment via email.
"If more of our stockholders do not promptly vote for the extension, we will be forced to liquidate on September 8, 2023. Normally such deadline-extending votes are easily approved, with the deadline to close the deal between TMTG and DWAC already backed on five other occasions.
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