Digital World Acquisition Corp. (DWAC) and Trump Media & Technology Group (TMTG) Corp. made a significant filing on Monday that moved the companies closer to a merger that would infuse Truth Social with cash, both companies said in a press release.
DWAC filed a preliminary proxy statement and prospectus that it wants to combine with (TMTG), which runs Truth Social.
TMTG CEO Devin Nunes said in a written statement:
We believe that today marks a monumental milestone toward completing the Business Combination, and we look forward to working with the SEC to bring this deal to a close as quickly as possible. Truth Social aims to be more than a social media platform-we aspire to become the centerpiece of a movement, as well as a method for Americans to invest in their freedom.
The merger would take Truth Social public. It would offer stock, which would give it an infusion of hundreds of millions of dollars and allow it to expand significantly.
Media reports had suggested that DWAC would refund the $533 million it raised for the merger, but the filing shows that these reports were not true.
Trump said when he started Truth Social that it would eclipse then-Twitter, now X, in its size, but the lack of funding has previously not allowed the amount of growth that would require.
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