ToplineA request to extend the deadline for the merger between former President Donald Trump's Truth Social platform and a special purpose acquisition company could not gather shareholder support, Reuters reported, signaling more turmoil for the deal which also faces multiple federal investigations. This illustration photo shows Donald Trump's new social media app Truth Social, glitching on a ... [+] smartphone in Los Angeles. That’s how much DWAC shares have plummeted in the past month amid reports of Truth Social failing to pay more than $1.6 million in bills to vendors. The SEC is investigating allegations that DWAC’s executives held talks with Truth Social’s parent company before the blank check company went public. Further ReadingExclusive: Deal partner for Trump's Truth Social fails to get backing for SPAC extension (Reuters)DWAC Seeks To Delay Merger With Trump’s Truth Social Company Amid Federal Investigations (Forbes)Truth Social SPAC Down 9% As Trump Denies Reports Of Financial Trouble (Forbes)

Source: Forbes September 06, 2022 20:38 UTC