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Watch onNEW YORK - Digital World Acquisition Corp , the blank-check acquisition company that plans to merge with former U.S. President Donald Trump's social media firm, said on Thursday it would return to investors $533 million raised for a cash infusion in the deal, after some already backtracked on another $467 million of commitments.
The move leaves DWAC with the $293 million cash it had raised in its initial public offering in September 2021, which is set to go to TMTG upon the deal's closing. That pot of money could also shrink if investors opt for redemptions. DWAC and TMTG have added an option to their amended merger agreement that allows either side to terminate the merger deal between Oct. 31 and Nov. 21 if their boards no longer believe the merger will benefit shareholders, according to an Oct. 2 regulatory filing. According to a Feb. 2, 2021 services agreement, Trump controls 90% of TMTG.Digital World has faced challenges since the October 2021 announcement that it was planning to acquire TMTG. It has been the target of investigations by the U.S.
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