Digital World Acquisition Corp. and Trump Media & Technology Group Corp. Reaffirm Commitment to Merger
- Amendment to Merger Agreement allows for extended due diligence period.
- Merger expected to capitalize TMTG and position it for growth.
- None.
MIAMI, FL / ACCESSWIRE / September 29, 2023 / Special purpose acquisition company Digital World Acquisition Corp. (Nasdaq:DWAC) ("DWAC") and Trump Media & Technology Group Corp. ("TMTG"), which operates the Truth Social platform, are pleased to announce they have agreed on an amendment (the "Third Amendment") to their previously announced Agreement and Plan of Merger (the "Merger Agreement).
DWAC and TMTG continue moving forward expeditiously toward their shared objective of completing a business combination in the coming months. The Third Amendment extends the period of time for the parties to complete mutual supplemental due diligence ahead of DWAC's anticipated filing of an updated registration statement on Form S-4 with the Securities and Exchange Commission (the "SEC"). For further information on the Third Amendment, please see DWAC's current report on Form 8-K filed with the SEC on September 29, 2023.
Once consummated, the merger will capitalize TMTG-which has rapidly developed Truth Social from an idea into a robust and dynamic online platform-and is expected to position TMTG for strategic growth and expansion while continuing its mission to open up the Internet.
"We're excited to announce this amendment to our Merger Agreement with TMTG, reinforcing our shared vision and commitment to advancing Truth Social. This revised agreement is expected to allow us the necessary time to work diligently towards our joint objective. Our focus remains on capitalizing TMTG's growth and supporting their mission to revolutionize the online sphere.," said Eric Swider, CEO of DWAC.
"We appreciate our partnership with DWAC, and remain focused on getting this deal done as soon as possible," said TMTG CEO Devin Nunes.
About Digital World Acquisition Corp.
Digital World Acquisition Corp. (Nasdaq:DWAC) is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. To learn more, visit www.dwacspac.com.
About TMTG
The mission of Trump Media & Technology Group (TMTG) is to end Big Tech's assault on free speech by opening up the Internet and giving people their voices back. TMTG operates Truth Social, a social media platform established as a safe harbor for free expression amid increasingly harsh censorship by Big Tech corporations.
Additional Information and Where to Find It
DWAC has filed with the SEC a registration statement on Form S-4 (as may be amended from time to time, the "Registration Statement"), which includes a preliminary proxy statement of the Company, and a prospectus in connection with a proposed business combination (the "Business Combination") with TMTG. The definitive proxy statement and other relevant documents will be mailed to stockholders of DWAC as of a record date to be established for voting on the Business Combination. Securityholders of DWAC and other interested persons are advised to read the preliminary proxy statement/prospectus, and amendments thereto, and, when available, the definitive proxy statement/prospectus in connection with DWAC's solicitation of proxies for the special meeting to be held to approve the Business Combination because these documents will contain important information about DWAC, TMTG and the Business Combination. DWAC's securityholders and other interested persons will also be able to obtain copies of the Registration Statement and the proxy statement/prospectus, without charge, once available, on the SEC's website at www.sec.gov or by directing a request to: Digital World Acquisition Corp., 3109 Grand Ave, #450, Miami, FL 33133.
Participants in Solicitation
DWAC and TMTG and certain of their respective directors, executive officers, other members of management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from the securityholders of DWAC in favor of the Business Combination. Securityholders of DWAC and other interested persons may obtain more information regarding the names and interests of DWAC's directors and officers in the Business Combination in DWAC's filings with the SEC, including in the definitive proxy statement and the Registration Statement, and the names and interests of TMTG's directors and officers in the proposed Business Combination in the Registration Statement. These documents can be obtained free of charge from the sources indicated above. TMTG and its officers and directors who are participants in the solicitation do not have any interests in DWAC other than with respect to their interests in the Business Combination.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed Business Combination between the Company and TMTG. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result" and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.
Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the Business Combination and the securities purchase agreements (the "SPAs") with certain institutional investors (the "PIPE Investors") pursuant to which the PIPE Investors agreed to purchase up to an aggregate of 1,000,000 shares of Digital World's Series A Convertible Preferred Stock (the "Preferred Stock") for a purchase price of
These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and while DWAC and TMTG may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Neither DWAC nor TMTG gives any assurance that DWAC, TMTG, or the combined company, will achieve its expectations.
CONTACT:
Alex Cano
Investor Relations
info@dwacspac.com
SOURCE: Digital World Acquisition Corp.
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