Digital World Dodges Legal Roadblock on Way to Merger Vote

a court declined to expedite a lawsuit, opening the door to investor approval of the transaction.

Digital World Acquisition, which is scheduled to host a March 22 investor vote on the proposed merger with Media, said a Delaware judge denied a request from Patrick Orlando's ARC Global Investments II that threatened to delay the deal's completion, Bloomber reports. Orlando sued to block the deal until he obtained a larger payout, according to a lawsuit docketed last Thursday in Delaware. He was ousted as CEO of the SPAC a year ago, but remains on the board.

Digital World has sued Orlando and his investment firm for alleged interference with the deal.

Hanging in the balance is a potential $3 billion-plus windfall for the former president, who owns 79% of Trump Media. His shares remain subject to a six-month lockup if the deal ever closes. Read more.


Source: Digital World Dodges Legal Roadblock on Way to Merger Vote