The acquisition firm that agreed to merge with Donald Trump’s social media company postponed its shareholder vote until 3 November after failing to gain enough support.
At least 65% of shareholders of Digital World Acquisition Corp need to agree to a 12-month extension.
After it failed to secure enough votes, the special purpose acquisition company (SPAC) opted to push back the deadline to find more votes, according to Reuters.
This is not the first time the SPAC has pushed back the vote, having failed to secure the required votes several times this past month.
Trump’s social media company, Trump Media & Technology Group (TMTG), stands to receive over US$1bn private investment in public equity after Digital World inked a go-public deal with the social media firm last October.
Last month, Digital World said it received termination notices from investors who were pulling out nearly US$139mln.
The deal is currently on hold due to criminal and civil investigations surrounding the agreement, with Digital World yet to receive approval from the US Securities and Exchange Commission (SEC).
Digital World is set to liquidate on 8 December, after managing to extend its life by three months in September, said Reuters.