After months of wrangling, Digital World Acquisition (DWAC) shareholders finally extended the company’s deadline to merge their blank check company with former President Trump’s media company on Tuesday.
The move to delay the union between the two companies needed 65% of shareholder approval and that was finally accomplished Tuesday after months of lobbying from DWAC CEO Patrick Orlando.
The company now has some much needed breathing room, as the vote gave the DWAC Board of Directors the power, without another proxy vote, to delay any merger itself until Sept. 8 2023.
DWAC stock shot up immediately on the news.
The announcement, which Orlando delivered in a shareholder meeting Tuesday, comes just days after twin events raised market interest in the company and its troubled effort to combine with the Trump Media & Technology Group (TMTG).