Seven months after announcing a SPAC merger, a social media company owned by former President Donald Trump has filed its proxy. Here are the key details from the more than 250 pages contained in the proxy filing.
1. New Name
If the merger between Trump Media & Technology Group and Digital World Acquisition Corp is completed, the new company will be known as Trump Media & Technology Group Corp. Shares will trade on the Nasdaq with the new ticker TMTG for common shares and TMTGW for Digital World warrants.
2. Dilution to Shareholders
TMTG existing shareholders will receive up to 40 million shares of common stock based on the price of Digital World Acquisition. The earnout is based on the volume-weighted average price of Digital World stock based on price levels of $15, $20, and $30….