This thread is about Trump Media and Technology Group Link to Elitetrader politics thread https://www.elitetrader.com/et/forums/politics.27/ Digital World Acquisition Corp https://finance.yahoo.com/quotes/dwac/view/v1 https://seekingalpha.com/symbol/DWAC SEC filings for DWAC https://www.sec.gov/edgar/browse/?CIK=1849635&owner=exclude 8-k of October 20 https://www.sec.gov/Archives/edgar/data/0001849635/000110465921128231/tm2130724d1_8k.htm Link to press release from 8-k that announces the merger https://www.sec.gov/Archives/edgar/data/0001849635/000110465921128231/tm2130724d1_ex99-1.htm 8-k of October 26 https://www.sec.gov/Archives/edgar/data/0001849635/000119312521308146/d230221d8k.htm Contains link to merger agreement https://www.sec.gov/Archives/edgar/data/0001849635/000119312521308146/d230221dex21.htm
PR on the TMTG web page https://tmtgcorp.com/press-releases/announcement-10-20-2021 The PR starts with the text "Trump Media & Technology Group and Digital World Acquisition Corp. (NASDAQ: DWAC) have entered into a definitive merger agreement, providing for a business combination that will result in Trump Media & Technology Group becoming a publicly listed company, subject to regulatory and stockholder approval." It doesn't look like an expected closing date has been announced.
"EXCLUSIVE Trump's social media venture seeks $1 billion raise -sources" December 1, 2021 9:02 PM UTC https://www.reuters.com/markets/us/...ure-seeks-1-billion-raise-sources-2021-12-01/ "Trump stock DWAC gains on report of efforts to raise $1B PIPE" https://seekingalpha.com/news/3776151-trump-stock-dwac-gains-on-report-of-efforts-to-raise-1b-pipe https://seekingalpha.com/symbol/DWAC .
"Trump Media & Technology Group Corp. and Digital World Acquisition Corp. Announce $1 Billion “PIPE” Investment in Committed Capital to Fund Business" December 04, 2021 12:35 ET https://www.globenewswire.com/news-...nt-in-Committed-Capital-to-Fund-Business.html https://seekingalpha.com/symbol/DWAC .
"The per-share conversion price of the fully committed convertible preferred stock PIPE transaction represents a 20% discount to DWAC’s volume-weighted average closing price (“VWAP”) for the five trading days prior to and including December 1, 2021, subject to downward adjustment. " Month Day Close Volume Close x Volume Dec 1 44.35 6,514,100 288,900,335 Nov 30 41.39 1,570,100 64,986,439 Nov 29 42.74 1,393,400 59,553,916 Nov 26 43.10 2,211,200 95,302,720 Nov 24 43.15 4,235,900 182,779,085 TOTALS: 15,924,700 691,522,495 Closing VWAP = $43.42
Conversion price of convertible preferred = 0.80 * $43.42 = $34.74, subject to downward adjustment. "If the VWAP of the combined entity for the 10 trading days after the closing of the business combination (“Closing VWAP”) is at or above $56, no downward adjustment will occur. If the Closing VWAP is below $56, then the conversion price shall be adjusted to the greater of a 40% discount to the Closing VWAP and the floor price of $10.00." $56.00 * 0.60 = $33.60