Trump Media, DWAC to merge in H2 2022

Monday, 16. May 2022 13:47

Special purpose acquisition company Digital World Acquisition Corp. (DWAC) announced on Monday that it filed a registration statement with the United States Securities and Exchange Commission, hailing it as "a substantial step" toward its merger with Trump Media & Technology Group Corp. (TMTG). DWAC was formed in 2020 with the aim of merging with TMTG and taking it public.

The two companies said the transaction is expected to close in the second half of 2022. The merger should provide TMTG with approximately $1.25 billion of net proceeds at close, which will be used "to fund the development and growth of TMTG’s products, including the TruthSocial app," among other purposes.

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