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Trump’s Truth Social Merger Deal Hits a Major Snag
DEATH KNELL?
The shell company that planned to merge with Donald Trump’s media and technology firm is dropping its plans—for now.
NEW YORK, Oct 12 (Reuters) - Digital World Acquisition Corp (DWAC.O), the SPAC that plans to merge with former U.S. President Donald Trump's media and technology company, said this week it would return to investors $533 million raised for the deal, after some have already backtracked on $467 million of commitments.
The development means the end of the so-called private investment in public equity (PIPE) transaction that would have delivered Trump Media & Technology Group (TMTG), the operator of Trump's Truth Social platform, $1 billion as part of its merger with Digital World.
more:
http://www.reuters.com/markets/deals/spac-returns-remaining-533-mln-raise-trump-social-media-deal-2023-10-12/
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