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The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022.
Dado Ruvic | Reuters
Digital World Acquisition Corp., the shell company set to take Trump Media and Technology Group and its Truth Social platform public, adjourned a shareholder vote on the planned merger for a sixth time Thursday as its Dec. 8 liquidation date nears.
DWAC needs 65% of its shareholders to approve an extension of the Trump Media merger to September 2023, a year beyond its original deadline. The company has previously failed to garner the necessary votes from its large swath of retail investors. The next meeting will take place at noon on Nov. 22.
Shares of DWAC were little changed in Thursday morning trading. The stock is trading around $16, well off its 52-week high of $101.87, which it hit in March. The Trump Media deal was announced last fall.
The merger would provide hundreds of millions of dollars in funding to Trump Media, but it has faced a series of legal and financial obstacles.
The deal is the subject of a criminal probe and its delay has resulted in the loss of over $100 million in investment. Former President Donald Trump has previously said he would be OK with taking the company private, and internal documents have shown that Trump Media considered mergers and partnerships with other right-wing-friendly platforms, including Rumble and Parler.
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