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Digital World Trump SPAC Acquisition (NASDAQ:DWAC), which is taking over Trump’s social media company and app Truth Social, has extended the date it has to complete a business combination from March to June.
Digital World (DWAC) Expanded their initial business combination as of June 8, March 8according to a 8-K presentation on Tuesday.
The extension is the third of four three-month extensions allowed under the company’s governing documents.
This is the third extension after DWAC’s SPAC sponsor in September deposited $2.88 million to extend the time the company needs to complete its deal with Trump’s social media company by three months to December 8.
“As a result of the support of shareholders who have granted up to four three-month extensions to provide additional time to continue working diligently on the potential business combination, we are pleased to exercise the third of such three-month extensions,” DWAC said. CEO Patrick Orlando said in a statement.
DWAC shareholders voted in November to extend the time DWAC has to complete a deal by one year after the holder’s vote was postponed six times.
Digital World (DWAC) is nearing the lows reached last month on reports that the former president plans to return to social media platforms like Twitter.
