Digital World Acquisition Corp. (DWAC) and Trump Media & Technology Group Corp (TMTG) reaffirmed their commitment to a merger agreement that would unlock millions in financing for former President Donald Trump’s Truth Social.
DWAC is a special purpose acquisition company in talks to merge with TMTG, Truth Social’s parent company. On Wednesday, the companies announced an amendment to the agreement that reaffirmed its commitment to merge.
The merger agreement “is expected to enable DWAC and TMTG to move forward expeditiously toward their shared objective of completing a business combination in the coming months,” according to a statement released Wednesday.
“Once consummated, the merger will capitalize TMTG—which has rapidly developed Truth Social from an idea into a robust and dynamic online platform—and is expected to position TMTG for strategic growth and expansion while continuing its mission to open up the Internet,” the statement continued.
Wednesday’s announcement came after DWAC settled a case with the Securities and Exchange Commission (SEC) to allow the merger to happen. The merger would come at a pivotal time for Trump as Truth Social is the primary platform he uses to communicate with his supporters. Trump has laid out his policy agenda and spoke on the ongoing criminal cases against him on the platform.
“Truth Social was created to reopen the Internet and give people their voices back. As increasingly damning details emerge of the collusion between Big Tech and Big Government to suppress dissenting political views, Truth Social has proven itself to be a premier safe harbor for free expression online,” Truth Social CEO Devin Nunes said. “TMTG remains committed to the merger with DWAC, which we believe will help maximize TMTG’s potential.”
DWAC CEO Eric Swider said the company is “eager to continue working with TMTG’s management to complete mutual due diligence promptly” and thanked TMTG’s management “for their continued support in our strategic merger.”
“Together with TMTG, we are converging our visions to shape the future of digital media. We believe Truth Social will have a strong position in the marketplace bringing a unique value perspective to our shareholders,” Swider said. “We are truly excited and look forward to bringing this long-awaited transaction with TMTG to a close.”
Jordan Dixon-Hamilton is a reporter for Breitbart News. Write to him at jdixonhamilton@breitbart.com or follow him on Twitter.
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