Trump's Deadbeat SPAC Changes Address to P.O. Box - From WeWork Office Space in Miami
A SPAC set to go public Donald Trump's media company has been linked to financial troubles and struggles to finalize its merger. A file reveals that the company has changed its mailing address and this could point to financial problems.
What happened: Digital World Acquisition Corporation DWAC announced a SPAC merger to take Trump Media & Technology Group public in late 2021. The deal would take the media company public backed by former President Donald Trump. Trump Media & Technology is the parent company of Truth Social, a free speech social media platform that takes on Twitter and Facebook, two platforms Trump has been banned from.
At the time of its merger announcement, Digital World Acquisition had an address at 78 SW 7th Street in Miami, Florida. The address quickly turned out to be a WeWork office in Miami.
A PSPC filing from Friday, September 23, 2022 indicates that the new mailing address is 3109 Grand Avenue in Miami, Florida. The Financial Times reveals that the address is a UPS store located in a shopping center between a restaurant and a nail salon.
A phone call to the UPS store by the Financial Times confirmed that unit 450, which was listed on the SPAC address, is one of its mailboxes in the store.
The move to the UPS store could be a way to save money, as the company has struggled to pay bills in recent months. According to the report, PSPC previously paid $15,000 per month for office space and administrative support to a company affiliated with Patrick Orlando, CEO of Digital World Acquisition.
UPS Stores, a unit of United Parcel Service UPS, charges approximately $50 per month for purchase orders. boxes in store.
The report did not say whether Digital World paid for its office space with WeWork and UPS, both.
Related link: Trump SPAC merger has provisions for presidential race and jail terms
Why is it important? Digital World's acquisition deal to merge with Trump Media & Technology Group has hit several hurdles.
Investigations are ongoing by the SEC and a federal grand jury into the SPAC merger.
Trump Media & Technology and SPAC have recently faced financial hurdles. Digital World Acquisition is said to owe a six-figure fee to Saratoga Proxy Consulting, a group that was hired to generate support for the merger vote extension.
Trump's media and technology unit, Truth Social, reportedly recently stopped making payments to its web hosting provider RightForge. Fox Business reported that RightForge owes Truth Social $1.6 million.
A shareholder vote to extend the SPAC merger has been postponed until October after it failed to generate enough votes to extend the voting deadline to complete the merger. Approximately 40% of Digital World Acquisition's public shareholders voted in favor of extending the merger vote. A 65% vote in favor is required to approve the merge deadline extension.
The SPAC merger agreement listed mentions of a pre...
A SPAC set to go public Donald Trump's media company has been linked to financial troubles and struggles to finalize its merger. A file reveals that the company has changed its mailing address and this could point to financial problems.
What happened: Digital World Acquisition Corporation DWAC announced a SPAC merger to take Trump Media & Technology Group public in late 2021. The deal would take the media company public backed by former President Donald Trump. Trump Media & Technology is the parent company of Truth Social, a free speech social media platform that takes on Twitter and Facebook, two platforms Trump has been banned from.
At the time of its merger announcement, Digital World Acquisition had an address at 78 SW 7th Street in Miami, Florida. The address quickly turned out to be a WeWork office in Miami.
A PSPC filing from Friday, September 23, 2022 indicates that the new mailing address is 3109 Grand Avenue in Miami, Florida. The Financial Times reveals that the address is a UPS store located in a shopping center between a restaurant and a nail salon.
A phone call to the UPS store by the Financial Times confirmed that unit 450, which was listed on the SPAC address, is one of its mailboxes in the store.
The move to the UPS store could be a way to save money, as the company has struggled to pay bills in recent months. According to the report, PSPC previously paid $15,000 per month for office space and administrative support to a company affiliated with Patrick Orlando, CEO of Digital World Acquisition.
UPS Stores, a unit of United Parcel Service UPS, charges approximately $50 per month for purchase orders. boxes in store.
The report did not say whether Digital World paid for its office space with WeWork and UPS, both.
Related link: Trump SPAC merger has provisions for presidential race and jail terms
Why is it important? Digital World's acquisition deal to merge with Trump Media & Technology Group has hit several hurdles.
Investigations are ongoing by the SEC and a federal grand jury into the SPAC merger.
Trump Media & Technology and SPAC have recently faced financial hurdles. Digital World Acquisition is said to owe a six-figure fee to Saratoga Proxy Consulting, a group that was hired to generate support for the merger vote extension.
Trump's media and technology unit, Truth Social, reportedly recently stopped making payments to its web hosting provider RightForge. Fox Business reported that RightForge owes Truth Social $1.6 million.
A shareholder vote to extend the SPAC merger has been postponed until October after it failed to generate enough votes to extend the voting deadline to complete the merger. Approximately 40% of Digital World Acquisition's public shareholders voted in favor of extending the merger vote. A 65% vote in favor is required to approve the merge deadline extension.
The SPAC merger agreement listed mentions of a pre...
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