With the merger stalled for months, Digital World is fast approaching a Sept. 8 deadline for the merger to close and has scheduled a shareholder vote for Tuesday to extend the deadline another year.
The merger has “been pretty much unprecedented in terms of all of the glitches,” said Jay Ritter, a University of Florida finance professor who studies stock markets. “The deal does seem to be running out of time. You can’t just keep getting extensions forever.”The Washington Post provided a detailed outline of its reporting for this article to Digital World and Trump Media.
The statement did not single out any specific inaccuracy in this story, but Trump Media has alleged in its lawsuit that The Post previously erroneously reported that Trump Media paid a finder’s fee for a loan it received to a company that Digital World’s previous CEO had an interest in.SPACs are known as “blank check” companies because they raise money from investors to buy a private company before identifying who they intend to target.
If the SPAC is unable to complete the merger within the time it specifies, it must return the money it raised to shareholders. Digital World completed its IPO on Sept. 8, 2021, and set a “termination date” for when the merger would be completed one year later, it said in
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