Digital World Acquisition Corp (DWAC.O), the SPAC that plans to merge with former U.S. President Donald Trump’s media and technology company, said this week it would return to investors $533 million raised for the deal, after some have already backtracked on $467 million of commitments.
The development means the end of the so-called private investment in public equity (PIPE) transaction that would have delivered Trump Media & Technology Group (TMTG), the operator of Trump’s Truth Social platform, $1 billion as part of its merger with Digital World.
A SPAC (special purpose acquisition company), or blank-check firm, is a publicly listed shell company that raises funds to merge with a private company.
Read the full story onĀ Reuters here.