DailyBusinessNews.com

December 2, 2022

Shareholders for a firm seeking to merge with Trump Media and Technology Group (TMTG) voted on Tuesday to extend the deadline to combine with the parent company of former President Trump’s social media site Truth Social.

Shares were up roughly 2 percent on news of the extension.

DWAC, a so-called “blank check” company created to merge with a technology company, faced liquidation if it didn’t win approval to extend the deadline.

TMTG needs the cash from the acquisition firm to go public. The merger could result in around $1 billion in funding.

The SEC would have to sign off on the merger between the two companies.

Trump created the Truth Social platform after he was suspended from Twitter following the Jan. 6, 2021, attack on the U.S. Capitol.

Twitter’s new owner, Elon Musk, lifted the suspension on Trump’s account this month, but the former president said he intends to remain on his own platform.

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