Digital World Acquisition Corp. (NASDAQ: DWAC), the special purpose acquisition company, which had agreed to merge with Donald Trump’s Trump Media & Technology Group, the parent of the Truth Social platform, announced multiple leadership changes.
The company named Katherine Chiles as its chief financial officer. It also named Alexander Cano as President and secretary. Frank Andrews, an existing director, was named as non-executive chairman of the board.
The latest development comes after Digital World terminated Patrick Orlando as the chairman and CEO on March 22, saying that due to “unprecedented headwinds faced by the company,” the board had agreed to select a new management team.
Also Read: Trump-Linked SPAC Digital World Boots Out CEO As It Looks To Bring In New Management To Tackle ‘Unprecedented Headwinds.’
“I also look forward to working with our outside counsel and third-party advisors as we focus on our singular goal, to put Digital World in a position to call a vote of the stockholders on the pending merger so as to build stockholder value,” Interim Chief Executive Officer and Director Eric Swider said.
In October 2021, Trump Media & Technology Group announced a deal to go public by merging with Digital World.
The agreement is now in doubt amid investigations by the Justice Department and the Securities and Exchange Commission, which have delayed its closing, Reuters reported.
Price Action: DWAC shares are trading 0.46% lower at $12.95 premarket on the last check Thursday.
Photo via Wikimedia Commons
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Source: https://finance.yahoo.com/news/trump-linked-truth-social-spac-144129119.html