DWAC potential merger with Truth Social has ... FAILED.
The blank-check acquisition firm that agreed to merge with former U.S. President Donald Trump's social media company failed on Tuesday to secure enough shareholder support for a one-year extension to complete the deal.
Digital World needs 65% of its shareholders to vote in favor of the proposal. Far fewer Digital World shareholders than those required have voted in favor, Reuters reported on Monday.
Digital World is set to liquidate on Thursday and return the money it raised in its September 2021 initial public offering to shareholders unless action is taken.
Also ...
Digital World Acquisition Corp Chief Executive Patrick Orlando told a special meeting of his shareholders that he would push back the deadline for a vote on extending the life of the special purpose acquisition company (SPAC) by 12 months to noon on Thursday.
https://finance.yahoo.com/news/trump-media-deal-suffers-blow-162043540.html
So ...
I don't know if CEO has legal authority to push back the vote. Maybe yes, or maybe it is wishful thinking. Shareholders run the company, not the CEO. But maybe there is some special agreement. I just don't know.
But ...
IF the shareholders have voted "NO" on merging with Truth Social, AND the CEO cannot buy more time, THEN the company WILL LIQUIDATE on Thursday.
Since there is not enough money in the piggy bank to pay all shareholders an amount equal to today's stock price (which is at $20 right now) ... THEN it means the liquidation will be a big loss from here.
I am neither long nor short, and never have been. I said a year ago to WAIT to buy because you never know if "a deal" will work out or not.
For some reason, the shareholders do not want to do the deal. Maybe the shareholders have a lot of anti-Trump people and will never agree. I don't know -- and neither do you.
But if you own DWAC, you have a decision to make: Either get out and protect your capital now, or roll the dice and see what happens.
Good luck.
This is a complete line of BS. They still have 2) 3 month extensions available.
Sauce?
I read the same thing dwac can pay a fee and extend for 2 - 3 month extensions
The First Three month extension.... If the Extension Amendment is not approved by the stockholders by September 8, 2022, ARC Global Investments II, LLC, the Company’s sponsor (the “Sponsor”), intends to contribute to the Company’s trust account an aggregate amount of $2,875,000, which is equal to $0.10 per share of Class A common stock issued in the Company’s initial public offering, to extend the time to consummate an initial business combination for a three-month period, until December 8, 2022.
https://www.sec.gov/Archives/edgar/data/0001849635/000119312522239113/d751381d425.htm
The price hasn't dropped off yet since this morning.
https://finance.yahoo.com/quote/DWAC
There's a lot of volume so people are selling and buying.
WTF?
Keep dreaming, Fairy Godmother.
It's down 20% TODAY.
And going LOWER.
Have you got an agenda?
To refute the liars and touts.
It has been delayed, the vote is Thursday now I think. But a couple delays are already built in, if you offer advice here with this post you should include all of that data too.
You 'seem' to be shilling against DWAC.... naw, shirley knot that.
I have not seen a source on that.
Hint: A random post on Reddit is not a source.
EDIT: I have now seen that they adjourned until Thursday.
But ... you have to ask yourself a question: If it has been known for awhile that DWAC's intended merger was with Truth Social, then WHY do they not have DWAC investors who WANT to go through with it? Have the "bad guys" bought enough DWAC shares to kill the deal? Serious question. Why would the owners not want to vote in favor? I would think everybody would want to give it more time. Something is very odd here.
I own 100 shares and will just sit on them to see what happens. I unfortunately bought high and oh well, it’s only money. I wouldn’t have done it if I couldn’t afford to lose it. However, I never got anything telling me when and how to vote. Maybe my financial lady did and didn’t pass it on. I would have voted yes to extend.
You can still vote- I just did it like 20 mins ago. Check your email and if nothing is there then check online with your broker
I purchased early and I will hold regardless....
still time to vote, extended to 9/8
Stakeholders may call Saratoga Proxy Consulting LLC (“Saratoga Proxy”), at (888) 368-0379 or (212) 257-1311. Or call the new number (786) 206-8970, for assistance with voting
I'm rolling the dice. Fuck it. I'm broke, my portfolio is shit and getting shittier, at this point I'll roll the dice on shittiest, or shittyless.
Mods can we at least get this faggot banned if/when the vote goes through?
If you don’t vote that equals a no. I know my broker never sent my voting material and they always have without fail before. I had to call to get my ID to vote this time.
And we lose money betting on Trump again.
Don't invest if you are weak-kneed.
If I were weak-kneed, I'd be out shooting shit up. But I'm not. It makes OUR money much easier to take because we blame ourselves.
The bet was on the DWAC story, not Trump.
Some of you don't seem to understand the distinction.