shares of Digital World Acquisition Corp. DWAC plunge in premarket trading on Tuesday.
have shareholders rejected the proposal of the special purpose vehicle to extend the deadline for merging with the former president by one year Donald Trump’s Trump Media & Technology, which operates the truth social platform, Reuters reported.
As the votes collected through Monday were tallied, Digital World appears unable to reach the 65 percent hurdle needed to implement the proposal, the report said, citing sources. The company plays with a few options in the case of a majority “no vote”. including an extension of the voting period or a unilateral extension by six months.
The requested extension would help the company obtain SEC clearance for the proposed combination.
In premarket trading on Tuesday, DWAC shares fell 20.77% to $19.80 Benzinga Pro data.
