Digital World Acquisition Corp (NASDAQ:DWAC) shareholders voted to approve a SPAC deal to acquire Trump Media & Technology.
The reverse merger agreement, in which DWAC will acquire privately held Trump Media & Technology Group Corp., was first announced on Oct. 20, 2021. Donald Trump would own a large stake in the combined company. That stake could be valued at around $3 billion based on DWAC’s stock price, which has more than doubled this year. However, Trump won’t be able to easily sell his shares for six months due to a lock-up period included in the deal. The shareholder vote comes amid multiple legal challenges. DWA has filed a lawsuit against its largest investor, ARC Global, to force it to vote in favor of the merger. Trump Media is also being sued by the co-founders of United Atlantic Ventures, who claim the company was trying to dilute the shares of its founding partners.
