Shareholders in DWAC (Digital World Acquisition Company) the “special purpose” something something – meant to give Truth Social parent Trump Media and Technology Group an end run around having to do shit like demonstrate an actually viable business model to become a publicly traded company on its own – voted to approve another extension for the entity’s on Tuesday, this time giving DWAC a year to get SEC approval to finalize the merger, the Washington Post reports.
Had the vote failed DWAC would’ve dissolved and the investors would’ve automatically been refunded $16 and change per share, down more than 90 percent from the $175 high in early 2022. Might as well roll the dice in and try to recoup the loss in case the SEC doesn’t just come in and annihilate the company anyway or the Justice Department doesn’t indict the rest of the C-suite.