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Friday, Dec 27, 2024
Outside the box.
Trump's media deal partner nears $50 million financing -sources
Digital World Acquisition Corp (DWAC), the company set to take Trump’s social media platform public, is close to securing $50 million in funding through convertible notes.
The incoming funds, which may be announced soon, aim to support DWAC as it finalizes its merger with the Trump Media & Technology Group (TMTG), owner of Truth Social.
On the recent news, DWAC stock rose 4.4%, closing at $47.66, and has surged since January. The potential financial backers for the notes include Anson Funds, All Blue Capital, and Mangrove Partners, though deal specifics could change. Details remain private, and the involved firms have not commented.
Previously, a $1 billion funding agreement was canceled, leading to this convertible note offering. DWAC's initial merger plans with TMTG by September 2022 were delayed due to regulatory scrutiny, allowing previous investors to retract their commitments.
After reconfiguring the original deal, Trump received more voting power in DWAC, which remains with a $300 million IPO fund intended for TMTG post-merger. Challenges for DWAC have included government investigations, management changes, and the need for more time to secure shareholder approval for the TMTG merger.
DWAC plans to immediately use $10 million from the financing for its needs, allocating the rest upon completing the TMTG merger.
On the recent news, DWAC stock rose 4.4%, closing at $47.66, and has surged since January. The potential financial backers for the notes include Anson Funds, All Blue Capital, and Mangrove Partners, though deal specifics could change. Details remain private, and the involved firms have not commented.
Previously, a $1 billion funding agreement was canceled, leading to this convertible note offering. DWAC's initial merger plans with TMTG by September 2022 were delayed due to regulatory scrutiny, allowing previous investors to retract their commitments.
After reconfiguring the original deal, Trump received more voting power in DWAC, which remains with a $300 million IPO fund intended for TMTG post-merger. Challenges for DWAC have included government investigations, management changes, and the need for more time to secure shareholder approval for the TMTG merger.
DWAC plans to immediately use $10 million from the financing for its needs, allocating the rest upon completing the TMTG merger.
