MIAMI, May 16, 2022 (GLOBE NEWSWIRE) — Digital World Acquisition Corp. (Nasdaq: DWAC), a special purpose acquisition company, and Trump Media & Technology Group Corp. (“TMTG”) announced today that DWAC has filed with the U.S. Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 (the “Registration Statement”) in connection with DWAC’s proposed business combination with TMTG.
On October 20, 2021, DWAC and TMTG entered into a definitive merger agreement, and today’s filing is a substantial step towards completing their de-SPAC. The transaction is expected to close in the second half of 2022, subject to certain conditions.
The transaction is expected to provide TMTG approximately $1.25 billion of net proceeds at close, assuming no redemptions by DWAC stockholders. These proceeds will be used, among other things, to fund the development and growth of TMTG’s products—including the TruthSocial app.link