The blank check company looking to take Trump Media and Technology Group public has a new address.
Some investors pulled out tens of millions of dollars as a result of the change from a Miami office building to a United Parcel Service address.
After the merger, the company lost over a hundred million dollars in financing from private investors in public equity. The contractual obligation for those investors to contribute to former President Donald Trump's media company had expired last Tuesday.
According to CNBC, one of the former private investors pulled financing from DWAC due to the many legal obstacles facing the company. The investor, who declined to be named due to the sensitive nature of the matter, was not impressed by the popularity of the Truth Social app.
More than 80 million people follow Trump on the social networking site. He has 4.1 million followers on Truth Social. The app can't be used in the store.
DWAC representatives didn't respond to a request for comment.
The deadline to extend the deal was pushed back to December after DWAC CEO Patrick Orlando contributed more than two million dollars to the cause.
The SEC is investigating whether discussions between the two companies prior to the merger violated securities laws.
The Financial Times was the first to report the address change.
DWAC's shares were trading around $16 Monday afternoon, down from their $97 peak in March.
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