DWAC - Trump-Linked Digital World Acquisition Corp Nears $50M Financing Deal: Report | Benzinga
Digital World Acquisition Corp (NASDAQ:DWAC), the Special Purpose Acquisition Company set to take former President Donald Trump’s social media platform public, is reportedly on the verge of securing a $50 million financing deal.
What Happened: The financing deal, which is based on convertible notes, is likely to be announced in the coming days. The funds will aid DWAC in its efforts to complete its merger with Trump Media & Technology Group, the entity that owns the social media platform Truth Social, reported Reuters.
Investment firms Anson Funds, All Blue Capital, and Mangrove Partners are reportedly interested in buying the convertible notes on offer. However, Reuters sources warned that the deal’s timing and composition might still change.
In the previous month, DWAC revealed that it was raising $50 million in convertible notes after canceling a $1 billion private-investment-in-public-equity (PIPE) transaction. The company is now waiting for SEC clearance to enable its shareholders to vote on the merger with TMTG.