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The Post has learned that a deal for Truth Social to merge with a Special Purpose Acquisition Company is in danger of falling through if the shareholders of the blank-check company don't vote on Tuesday to keep the deal going.
In an interview with IPO Edge on Thursday, Patrick Orlando, the CEO of Digital World Acquisition, said that the extension needs to be approved by 65% of the SPAC's shareholders.
In an interview with John Jannarone of IPO Edge on Thursday, Orlando said, "We're looking forward to a very successful vote."
Tuesday is the day of the vote.
Orlando started the SPAC in September 2017 and a month later announced a deal to merge with Truth Social, a right-leaning social media platform started by former President Donald Trump.
After the Truth Social deal was announced, Digital World's stock went through the roof. As recently as six months ago, a share of Digital World stock was going for $100, which was a lot more than its $10 IPO price, when it didn't own any companies.
The Securities and Exchange Commission started an investigation to find out if Digital World shareholders knew what it was going to buy before its shares were listed, which would be against the law.
Orlando said that the investigation is what is holding up the deal. On Friday, the stock was worth $23.62.
The Post asked the SEC for an update on its investigation, but the SEC didn't want to say anything.
This week, it was reported that Truth Social, which has about 4 million active users, was banned from the Google Play Store because the company doesn't moderate its content well enough.
Orlando said that Truth Social could do well without the Google Play store.
"I don't use Android, so I don't know if there's another way for Android users to get it. I know a lot of people who use it online. On the web, I use Truth Social. I'm very happy with it, so the fact that there is no Google Store hasn't stopped me from using the platform in any way."
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