The ongoing saga of Digital World Acquisition (NASDAQ:DWAC) isn’t over yet, and it won’t be for at least another month. The special purpose acquisition company (SPAC) has made it clear it wants to delay its merger with Trump Media & Technology Group (TMTG), the parent company of Truth Social. DWAC stock briefly rose yesterday, but just as quickly it began to fall.

Sept. 6 marked the original date set by the company to vote on delaying the merger. Even after the meeting adjourned to count additional votes, there were not enough for the delay motion to pass. As Axios reported, “Former President Trump again didn’t get enough votes, this time for the blank check company seeking to take his social media company public.”

For investors, there are two important dates to be aware of. The first is the date for the meeting to resume, set for Oct. 10. But the timeline for the two companies to consummate a deal has been extended three months to Dec. 8. This development is due to an influx of cash that DWAC has received.

SPAC sponsor ARC Global Investments II has provided the company with an additional $2.88 million to keep it afloat. While this investment does buy the deal a little time, that doesn’t mean DWAC will find the votes it needs within the coming months. Let’s take a closer look at what investors can expect from DWAC stock.

The Road Ahead for DWAC Stock

Even the recent investment hasn’t helped push DWAC stock into the green today. It plunged after markets opened and, as of this writing, is down nearly 2%. The slight rally it saw this week didn’t yield any impressive gains. No matter how we look at it, it’s difficult to ignore the fact that the stock has lost 70% of its value since April 2022. DWAC has seen plenty of bad news, but even when there’s good news, it doesn’t do much for a company that’s beyond help.

Investors shouldn’t let the recent cash influx distract them from the bigger picture. The SPAC sponsor investment was necessary because the company is desperate to delay the merger. Most SPACs shoot up after successfully taking a company public. Since DWAC is deliberately putting off closing the deal, the company has clearly lost faith in its partner. After months of legal troubles and regulatory probes from the Securities and Exchange Commission (SEC), it’s not hard to see why. Additionally, reports have indicated the company isn’t paying its vendors.

TMTG’s only product is Truth Social and things haven’t been going well for the platform. Recently, the Financial Times described it as “the saddest site on the internet.” The outlet added, “The platform has been barred from Google Play because of its failure to moderate violent content, and the U.S. Patent and Trademark Office has denied Trump his application for a trademarking of ‘Truth Social.'”

This doesn’t sound like the type of company that has a bright future. Even when Trump has hinted at declaring his 2024 presidential campaign, it hasn’t done much for DWAC stock. That should tell investors everything they need to know about its growth potential.

If DWAC has confidence that Truth Social could become profitable, it wouldn’t be putting off the merger vote. The company has made it clear it does not want to do business with Trump. Even if the deal does close, all signs point to an unstable future for the newly formed company.

On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.