On Thursday, Matthew Sheffield of The Young Turks reported that supporters of former President Donald Trump are facing the prospect of collectively losing millions of dollars they invested into Digital World Acquisition Corp. (DWAC), the special purpose acquisition company, or "blank check" firm that has sought to purchase the former president's Truth Social platform to take it public, as DWAC faces its liquidation deadline with little progress on completing the deal.
"In a call with investors, Patrick Orlando, the chairman and CEO of the struggling shell company announced that DWAC was going to reconvene on Nov. 22," said the report. "It was an ominous sign that Digital World had failed to receive authorization from 65% of shareholders to continue the company's existence, despite months of trying. Under the terms of DWAC's incorporation, the company was supposed to merge with a private firm within one year's time or dissolve and reimburse its investors at a rate of about $10 per share."
