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HomeBusinessDWAC, Trump’s SPAC loses almost 200 million dollars in canceled investments

DWAC, Trump’s SPAC loses almost 200 million dollars in canceled investments

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Digital World Acquisition Corp. (DWAC), which is Donald Trump’s special-purpose acquisition company (SPAC), said that many of its investors who had planned to invest in shares in the company had terminated $191.5 million in investments in recent times. Totally, more than half of prior investments have been canceled by many investors. The SPAC has been seeking to merge with Truth Social, which is Trump’s media company from a while. Both the companies released individual statements mentioning the cancelation as positive.

According to a Thursday filing with the Securities and Exchange Commission (SEC) investors who had previously said that they would buy shares of DWAC had canceled such investments to the tune of $191.5 million. The total cancelation by investors who had previously expressed interest was $533 million. This is more than 50 percent of termination of investments as the original commitment was $1 billion.

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On Thursday, the company also said that its 2022 unaudited quarterly financial statements “should also no longer be relied on” as there was “material weakness” in internal accounting practices. In May, the company released a similar announcement for its last year’s audited quarterly reports. Shares traded flat but have seen an 80 percent decline since last March.

Digital World Acquisition Corp. released a statement where CEO Eric Swider also said that the cancellations were “a positive development” in their “ability to consummate the business combination.” The DWAC CEO had said the company wanted its shareholders to understand how it characterized “the PIPE commitment cancellations” and more.

Devin Nunes, who is the CEO of Trump Media, also released a statement. The statement said that the commitments that had been abandoned were “an important step” and would serve the “best interest” of the shareholders and more.

DWAC and Trump Media said that they wished to cancel all outstanding investments of private investment in public equity (PIPE).

As earlier reported by CWEB News, the merger between DWAC and Trump Media has faced multiple issues and problems.

According to a filing in September, both DWAC and Trump Media can back out of the merger between October 31 and November 21.

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