Digital World Acquisition Corp., the SPAC aiming to take former President Donald Trump’s media company public, adjourned its shareholder meeting until Oct. 10 to allow voting to continue on delaying the merger. DWAC had already twice adjourned the meeting earlier in the day after previously adjourning it Tuesday.
The deadline for the merger was set for Thursday. The vote could decide the fate of a $1.3 billion cash infusion from DWAC’s public offering and Trump Media and Technology Group’s potential listing on the stock market. DWAC confirmed Thursday that ARC Global Investments II, a company controlled by DWAC CEO Patrick Orlando, initiated a built-in, three-month extension by depositing $2.8 million into DWAC’s trust account.
The deposit, equivalent to 10 cents per share, pushes the merger deadline to Dec. 8, around two months after the next scheduled special meeting. Given the extra time, DWAC ended its statement by rallying investors to vote in favor of the extension.
Following the Thursday adjournment, Orlando posted to Truth Social a reference to “Star Trek” along with a photo of a tomahawk steak, a selfie with a white Ford Bronco as well as quotes from Trump and Thomas Jefferson. Shares of DWAC seesawed on light volume after the market closed.
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