Digital World Acquisition Corp. (DWAC) and Trump Media & Technology Group Corp. made a major step in the proposed Truth Social merger that would inject the company with significant financing, a Monday announcement from both companies revealed.
The two companies announced the filing by DWAC of Amendment No. 1 to the Form S-4 Registration Statement, which includes a preliminary proxy statement and prospectus in connection with the proposed business combination with Trump Media & Technology Group (TMTG), which runs Truth Social.
This filing with the Securities and Exchange Commission (SEC) marks an important milestone in the proposed merger.
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.
Eric Swider, the CEO of DWAC, said:
This filing of the Registration Statement together with the Quarterly Reports on Form10-Q we filed earlier today for the first and second quarter of 2023, represent a crucial milestone in our journey towards the potential merger with TMTG. This development highlights our ongoing efforts to provide clear and detailed information throughout this process. Our teams have worked tirelessly to reach this stage, and this achievement reflects their dedication and expertise. We are excited to continue our collaboration with TMTG to bring this merger to fruition.
The merger would allow Truth Social to go public, issue stock, and access hundreds of millions of dollars in financing.
Former President Donald Trump created Truth Social after Facebook and Twitter, now known as X, banned him from the social media platforms.
Reuters reported in October that DWAC, the special purpose acquisition company designed to take Truth Social public, said this week it would return to investors the $533 million raised for the deal.
This is the latest in a long line of establishment media outlets that have wrongly suggested that the merger would not happen.
Truth Social explained that the termination of the private investment in public equity (PIPE) transaction served as a crucial step toward completing the merger.
“Both DWAC and Truth Social explained terminating the PIPE as a key step toward completing our merger,” Truth Social explained in a statement in October. “Only a hopelessly biased or functionally illiterate publication could interpret those statements — in a manner that is knowingly false, defamatory, and guaranteed to spark legal action — as a sign that the companies are backing away from the merger.”
Sean Moran is a policy reporter for Breitbart News. Follow him on Twitter @SeanMoran3.