DWAC Stock Alert: Trump SPAC Delays Key Shareholder Meeting


  • Digital World Acquisition (DWAC) stock is falling on another shareholder meeting delay.
  • The firm has pushed a meeting set for today back to Sept. 5.
  • Investors will vote on whether to extend its planned merger deadline with Trump Media & Technology Group during that meeting.
DWAC Stock - DWAC Stock Alert: Trump SPAC Delays Key Shareholder Meeting

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Digital World Acquisition (NASDAQ:DWAC) stock is in the news Thursday as the company delays a key shareholder meeting until Sept. 5.

That shareholder meeting has the special purpose acquisition company (SPAC) seeking to extend its merger deadline for Truth Social’s parent company, former President Donald Trump’s Trump Media & Technology Group.

Digital World has been attempting to take TMTG public for almost two years now. However, the company has continued to struggle with legal issues that keep a merger from happening.

It has reached a point where Digital World Acquisition is seeking to offer more benefits, such as an exclusive class of shares. All of this is being done in an effort to keep Trump in favor of the deal following the turbulence.

What This Deal Means for DWAC Stock

Digital World needs this deal to go through. If it doesn’t, the company will have to return the $300 million it raised from investors. That would be a major blow to the SPAC. This is why it wants to extend the merger deadline again.

All of these delays have already been weighing on DWAC stock. The company’s shares have fallen 50% over the past 12 months. That’s despite the stock seeing massive rallies in 2022. As for Thursday morning, shares of DWAC stock are down about 9%.

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On the date of publication, William White did not hold (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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/08/dwac-stock-alert-trump-spac-delays-key-shareholder-meeting/.

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