Legal trouble delays Trump SPAC deal as buyer seeks more time to complete merger
CNN
After facing a series of regulatory obstacles, the shell company attempting to take over former President Donald Trump's social media platform needs to extend a looming deadline to complete the controversial deal.
Digital World Acquisition Corp., a special purpose acquisition company (SPAC), disclosed late Friday it is seeking shareholder approval to delay the September 8 deadline by a year to allow time to consummate its planned acquisition of Truth Social owner Trump Media & Technology Group.
Shares of the blank-check company fell 3% Monday morning. Truth Social, which had a messy launch earlier this year, aims to be an alternative to traditional social media and has promised to "stand up to the tyranny of Big Tech."
More Related News