Trump Media deal partner DWAC adjourns shareholder meeting for sixth time as it seeks votes to delay merger

The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022.

A shareholder vote on the planned merger of Trump Media and Technology Group with Digital World Acquisition Corp was adjourned for a sixth time on Thursday.

DWAC needs a majority of its shareholders to approve an extension of the Trump Media merger. The company has not been able to get enough votes from its retail investors. There will be a meeting at noon on November 22.

DWAC's shares were little changed on Thursday. It hit a high of $101.87 in March, but is now trading around $16. The deal for Trump Media was announced a year ago.

Hundreds of millions of dollars in funding to Trump Media would be provided by the merger, but it has faced a number of legal and financial obstacles.

The delay of the deal has resulted in a loss of over 100 million dollars in investment. Internal documents show that Trump Media considered mergers and partnerships with other right-wing platforms, as well as taking the company private.

DWAC bought three months from its original September deadline and gave the deal until December to be completed.

The deadline for private investors in public equity was not extended. The $1 billion that would go to Trump Media has been pulled by investors. The address on DWAC's website was changed to a store in Miami.

One of these former investors, who wished to remain anonymous, attributed the decision to pull out to the merger's legal troubles as a proxy for the platform's popularity.

At the time, DWAC shares were sliding. Trump's account will be restored on the platform. The former president said he would be staying on Truth Social.

The merger is being investigated for possible securities violations related to conversations between the two parties before the announcement. Will Wilkerson, a former Trump Media executive, turned over documents to the SEC and claimed that the companies made false statements.

Donald Trump is accused of pressuring another executive to give Trump Media shares to his wife. The man was fired after he refused to do so.

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