Former President Donald Trump’s business partners are proposing to delay their merger with the team behind the social-media platform Truth Social, telling stockholders they need another year to complete the transaction.
Digital World Acquisition Corp. said Thursday it mailed stockholders details of a proposal to extend the timeline for the combination to September 2023.
A decision about the proposal will be made at a meeting next month, according to paperwork filed Thursday with the U.S. Securities and Exchange Commission detailing DWAC’s plans.
“While we are using our best efforts to complete the business combination as soon as practicable, our board of directors (the “board”) believes that there will not be sufficient time before the termination date to complete the business combination,” the regulatory filing said.