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Special purpose acquisition firm Digital World Acquisition Corp. has officially filed a registration for its subsidiary DWAC Merger Sub. to merge with Trump Media & Technology Corp.
Source: Securities and Exchange Commission
DWAC is up 5.25%, while SPAK is up 1.06%.
The deal provides for an $875 million consideration to be paid to TMTG shareholders, subject to adjustments for its closing debt, net of cash, and unpaid transaction expenses.
Digital World will be renamed Trump Media & Technology Group Corp., subject to shareholder approval. The registration did not provide a specific timetable for the planned vote.
Stockholders of TMTG will also be given an aggregate of an additional 40 million shares of New Digital World common stock after the closing based on the price of the New Digital World common stock in the three years after the closing.
The agreement, however, can be terminated under “customary and limited” circumstances at any time ahead of the closing, including the failure to comply with conditions set by the parties.
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