Digital World Acquisition Corp DWAC shares are trading lower Tuesday following reports suggesting shareholders rejected the special purpose acquisition company's proposal to extend the deadline by a year for its merger with Donald Trump's Trump Media & Technology.
According to a Reuters report, the SPAC set to merge with Trump Media & Technology, which operates the Truth Social social media platform, did not receive enough votes for a deadline extension.
The company is reportedly considering a couple of options in the eventuality of a majority "no vote," which includes extending the voting deadline or unilaterally going ahead with a six-month extension.
Related Link: Trump's SPAC Partner For Truth Social Deal Faces Setback As Shareholders Reject Time Extension: Report
DWAC Price Action: Digital World has a 52-week high of $101.87 and a 52-week low of $22.
The stock was down 21% at $19.75 Tuesday morning.
Photo: Gage Skidmore from Flickr.
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