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Trump media deal suffers blow as SPAC fails to win extension

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Trump : partnerig site fails to get extensionThe blank-check acquisition firm that agreed to merge with former U.S. President Donald Trump's social media company failed on Tuesday to secure enough shareholder support for a one-year extension to complete the deal.

At stake is a $1.3 billion cash infusion that Trump Media & Technology Group (TMTG), which operates the Truth Social app, stands to receive from Digital World Acquisition Corp (DWAC.O), the special purpose acquisition company (SPAC) that inked a deal in October to take TMTG public.

The transaction has been on ice amid civil and criminal probes into the circumstances around the deal. Digital World had been hoping that the U.S. Securities and Exchange Commission (SEC), which is reviewing its disclosures on the deal, would have given its blessing by now.


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