The State Of Delaware Held Hearing On United Atlantic Ventures v. Trump Media, Clears Way To Hold Merger Vote
Portfolio Pulse from Happy Mohamed
The Delaware Court cleared the way for Digital World Acquisition Corp. (DWAC) and Trump Media & Technology Group Corp. (TMTG) to hold a merger vote, despite a legal challenge from United Atlantic Ventures. The court decided not to block the stockholder vote scheduled for March 22, 2024, on the proposed business combination, where TMTG will become a wholly owned subsidiary of Digital World. The court also directed TMTG and UAV to submit a proposed stipulated escrow order for any additional shares issued by TMTG before the merger.
March 11, 2024 | 11:57 am
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Digital World Acquisition Corp. (DWAC) is set to proceed with its merger vote with Trump Media & Technology Group Corp. (TMTG) after the Delaware Court's decision. This development could positively influence DWAC's stock as it moves closer to completing the merger.
The court's decision to allow the merger vote to proceed removes a significant legal hurdle, potentially increasing investor confidence in DWAC. The stipulation for additional TMTG shares to be placed in escrow until disputes are resolved also adds a layer of security for investors, likely having a positive impact on DWAC's stock price in the short term.
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IMPORTANCE 90
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