Investors are walking away from commitments to invest in a company that
planned to merge with Donald Trump's Truth Social platform.
"Blank-check" company Digital World Acquisition said in a Securities and Exchange Commission filing on Friday that some backers were pulling a
total of $139 million they had planned to put into the deal. Digital
World had previously announced funding commitments of $1 billion.
The investors who signed up for the deal about a year ago were able to
back out if it was not completed by September 20.
The investors who walked away were not disclosed in the filings, but
Reuters reported that Sabby Management, which planned to put in $100
million, is one that had bowed out.
Sources told the news agency that more investors may also withdraw their commitments now that the deadline has passed and were awaiting more
favorable terms to be put to them by Digital World.
The company has struggled to close the Truth Social merger and
previously blamed the SEC for delaying the deal amid criminal and civil investigations.
The SEC started examining the deal in June over the possibility that
Trump Media and Digital World had held discussions before the special
purpose acquisition company (Spac) went public last year without
informing the watchdog.
https://finance.yahoo.com/news/investors-pull-almost-140-million-125201782.html
How's that Tex Ritter song go? Oh, yeah.
My horses ain't hungry, they won't eat your hay
My wagon is loaded and rolling away
HawHawHaw!
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