The 'blank-check' acquisition company planning to merge with Donald Trump's social media company delayed a shareholder vote to approve a one-year deadline extension to complete the deal.
, plunged 15% Tuesday in afternoon trading. Since the start of the year, the stock has shed almost 60% of its value. about the merger by both the Securities and Exchange Commission and the Department of Justice. Those probes have delayed the merger, which in turn prompted DWAC to ask its shareholders for more time to consummate the deal.
"We are working diligently to record all votes that are coming in," Orlando said in announcing the postponement of the shareholder meeting.The latest twist for Digital World is a far cry from its initial foray into Trump's social-media business, which runs the right-wing Truth Social app.
Orlando appeared on a webcast called"DWAC'd Live" on August 30 to urge his shareholders to get out the vote. He noted that individual investors, who make up the bulk of Digital World shareholders, typically don't participate in such votes at the same rate as institutional shareholders. "I believe we're majority-held by retail and it's incredibly important to have our shareholders get their votes in," Orlando said on the August 30 webcast."[T]he decisions are made by the shareholders, and if you don't vote it's taken as a no vote, No,. 1, and No. 2, you don't get heard."
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