Trump's Deadbeat SPAC Switches Address To A P.O. Box - From A WeWork Office Space In Miami

Zinger Key Points
  • A SPAC linked to take Donald Trump's business public has faced financial hardships according to recent reports.
  • The latest cost savings move could be renting a P.O. box.
Trump's Deadbeat SPAC Switches Address To A P.O. Box - From A WeWork Office Space In Miami

A SPAC set to take Donald Trump’s media company public has been linked to troubles with finances and difficulties finalizing its merger. A filing reveals the company changed its mailing address and it could provide a hint of financial troubles.

What Happened: Digital World Acquisition Corporation DWAC announced a SPAC merger to take Trump Media & Technology Group public in late 2021. The deal would bring the media company backed by former President Donald Trump public. Trump Media & Technology is the parent company of Truth Social, a free speech social media platform taking on the likes of Twitter and Facebook, two platforms that Trump has been banned from.

At the time of its merger announcement, Digital World Acquisition had an address of 78 SW 7th Street in Miami, Florida listed. The address was quickly found to be a WeWork office in Miami.

A filing from the SPAC on Friday, Sept. 23, 2022 shows the new mailing address as 3109 Grand Avenue in Miami, Florida. Financial Times discloses the address is a UPS Store that is located in a strip mall between a restaurant and nail salon.

A phone call to the UPS store by Financial Times confirmed that unit 450, which was listed on the address for the SPAC, is one of its mailboxes in the store.

The move to the UPS store could be a move to save cash as the company has struggled to pay bills in recent months. The SPAC previously paid $15,000 a month for office space and administrative support to a business affiliated with Patrick Orlando, the CEO of Digital World Acquisition, according to the report.

UPS stores, a unit of United Parcel Service UPS, charge around $50 per month for P.O. boxes in stores.

The report did not indicate if Digital World was paying for its office space from WeWork and UPS, both.

Related Link: Trump SPAC Merger Has Provisions For Presidential Run, Prison Time 

Why It’s Important: The Digital World Acquisition deal to merge with Trump Media & Technology Group has faced several obstacles.

There are ongoing investigations by the SEC and a federal grand jury into the SPAC merger.

Both Trump Media & Technology and the SPAC have faced financial obstacles recently. Digital World Acquisition is said to owe a fee in the six figures to Saratoga Proxy Consulting, a group that was hired to generate support for the merger vote extension.

Trump Media & Technology unit Truth Social was reported to have stopped making payments to its web-hosting provider RightForge recently. Fox Business reported that RightForge was owed $1.6 million from Truth Social.

A shareholder vote for the SPAC merger extension was delayed to October after failing to generate enough votes to extend the vote deadline to complete the merger. Around 40% of public shareholders of Digital World Acquisition voted in favor of the merger vote extension. A 65% vote in favor is required to approve the extension of the merger deadline.

The SPAC merger agreement listed mentions of a previous history of bankruptcies by companies linked to Trump. The SPAC said, “there can be no assurances that TMTG will not also become bankrupt.”

An investigation in 2016 by USA Today highlighted numerous lawsuits filed against Trump and his company over not being paid for their work.

News of financial struggles by both companies comes as Digital World announced it lost $138.5 million in PIPE (private investment in public equity) funding out of a total of $1 billion after a deadline passed last week for investors to withdraw. PIPE financing could be restructured in the future, according to the company.

DWAC Price Action: Digital World shares are up 6.18% to $17.52 on Monday, versus a 52-week range of $9.84 to $175.

Photo: Courtesy of Gage Skidmore on flickr

Posted In: Donald TrumpPatrick OrlandoPresident Donald TrumpSPACSPACsTrump Media & Technology GroupTRUTH SocialWeWorkM&ANewsPoliticsSmall CapIPOsSECGeneral

11 Best Black Friday Deals on Amazon

11 Best Black Friday Deals on Amazon

The best Black Friday deals from Amazon are still coming hard and fast because the holiday is not yet upon us and the mega-retailer prefers to keep consumers on the hook for as long as possible—spending as much money as possible. 

To that end, here are some of the best Black Friday deals from Amazon that you might want to consider today.

Calphalon 10-Piece Pots and Pans Set

Regular Price: $172

Sale Price: $138.88

Calphalon’s 10-Piece Pots and Pans Set is designed with stainless steel, stay-cool handles along with pour spouts. The nonstick surface is PFOA-free and built with hard-anodized aluminum that is both durable and conducts heat extremely well. The set includes 2 fry pans, a sauce pan with cover, saute pan with cover and large stock pot with cover.

Apple AirPods 2nd Generation

Regular Price: $144

Sale Price: $85.49

The 2nd Generation AirPods from Apple connect to all Apple devices and give you an enhanced listening experience. Plus, they come with a case that keeps them safe and allows you to charge them in a secure environment. With over 24 hours of battery life, access to Siri and easy setup, you can start listening to your favorite tunes or podcasts today.

Adidas Ultraboost 21 Running Shoes

Regular Price: $129.98

Sale Price: $89.98

The Adidas Women’s Ultraboost 21 running shoe is perfect for anyone who likes a short run, maybe a 5K, half marathon or more. Coming in several colors and styles, you can slip these shoes on, enjoy the cushioned outsole, sink into the supple insole and secure laces.

Ninja AF101 Air Fryer

Regular Price: $129.99

Sale Price: $97.83

The Ninja AF101 Air Fryer allows you to crisp, roast, reheat and even dehydrate food products faster and cheaper than ever before. It has a 4-quart capacity and offers a wide temperature range along with several time settings so that you can customize each dish to your needs. Plus, all the parts are dishwasher safe.

Beats Solo3 Wireless On-Ear Headphones

Regular Price: $199.95

Sale Price: $99

Beats by Dr. Dre are among the best headphones on the market, and the Solo3 Wireless On-Ear Headphones include the Apple W1 chip, Class 1 Bluetooth and 40 hours of battery time. These headphones even have a built-in microphone and offer an adjustable fit so that you can be comfortable whether you’re listening to an Android or iOS device.

Hoover Power Scrub Deluxe Carpet Cleaner

Regular Price: $198.98

Sale Price: $175.98

The Hoover Power Scrub Deluxe Carpet Cleaner allows you to keep your home spotless and clean up after your pets. The cleaner comes with the Hoover Paws and Claws Deep shampoo and a storage mat to keep the floor dry once it’s put away.

LG CordZero Auto Empty Cordless Stick Vacuum

Regular Price: $999.00

Sale Price: $851.71

The LG CordZero Auto Empty Cordless Stick Vacuum and Wet Mop All in One Tower is designed to work in homes with several pets or children and clean up all the messes that life brings. The battery lasts up to 2 hours, and there’s an extra removable battery that gives you even more cleaning time and power.

Breville Fresh and Furious Blender

Regular Price: $278.60

Sale Price: $199.95

Breville, a top name in blenders and juicers, offers the Fresh and Furious Blender, featuring 50-ounce capacity, Vac Q technology, pre-programmed cycles, LCD display and lid with pull ring. With the Fresh and Furious Blender, you can make everything from a smoothie to a soup and everything in between.

Hot Tools Professional 2000 Turbo Ionic Hair Dryer

Regular Price: $89.99

Sale Price: $55.63

The Hot Tools Professional 2000 Turbo Ionic Hair Dryer is designed for professional use, but it works perfectly in the home. With 1875 watts of power, 6 heat and speed settings and a lightweight design, you can easily style your hair and utilize the diffuser, cut back on the frizz and stretch the 8 ft cord for maximum functionality.

Columbia Heavenly Long Hooded Jacket

Regular Price: $160

Sale Price: $97.38

The Heavenly Long Hooded Jacket from Columbia is designed to be light for everyday use, but it’s heavy enough to protect you from the cold. The plush fleece lining, security pocket, water resistant fabric, 2-way zipper, and zippered hand pockets make the jacket both protective and functional.

ConAir InfinitiPro Hair Dryer

Regular Price: $49.99

Sale Price: $29.99

ConAir is one of the biggest names in hair and beauty, and the InfinitPro is an 1875 watt hair dryer designed for professionals with ceramic technology. The dryer comes with a diffuser and concentrator, and it allows you to blow out your hair just the way they would at the salon.

Deals the Experts Are Hoping For

Experts believe that Amazon’s Black Friday sale could linger for quite some time. It all started with the Prime Early Access sale on October 11 and 12. Previously, Amazon has offered the “Epic Deals” sale that ran through late October. 

This is to say that any sale could come up at any time. 

Even so, those monitoring Amazon are looking forward to a few potential deals, including:

  • Apple Watch
  • AirPods (any generation)
  • MacBook Pro
  • Large, underpriced TVs
  • Amazon Echo
  • More small home appliances (Dyson or Shark vacuums, Instant Pots, etc.) 

While these predictions are based on last year’s Amazon Black Friday Sale, it’s important to remember that most Black Friday sales are fairly consistent and push the products that are most likely to sell.

 

Featured image sourced from Shutterstock

Posted In: Partner ContentGeneral