Digital World Acquisition Corp. on Tuesday abruptly adjourned a shareholders meeting, deferring a vote on whether to extend its deadline to merge with former President Donald Trump's media firm until next year. File Photo by Alex Wroblewski/UPI | License Photo
Sept. 6 (UPI) -- A special acquisition company set to merge with Donald Trump's social media company on Tuesday deferred a shareholder vote on whether to delay the deal.
Digital World Acquisition Corp. adjourned its shareholder meeting after two minutes Tuesday until noon Thursday, when it faces a deadline to complete the deal to take Trump Media and Technology Group and its social media platform, Truth Social, public.
The company would need support from 65% of its shareholders to extend the deadline for the merger through next year.
The acquisition company also submitted a securities filing that highlighted a Truth Social post Trump made Friday in which he claimed the social media company is "doing really well," while also accusing the SEC of "trying to hurt" it by casting doubt on the deal.
"In any event, I don't need financing, 'I'm really rich!' Private company anyone???" Trump wrote.
Trump Media and Technology group told CNBC in a statement that Truth Social was continuing to grow, while receiving a boost after adding advertising to the platform.
"TMTG will continue cooperating with all stakeholders in connection with its planned merger and hopes the SEC staff will expeditiously conclude its review free from political interference," a company spokesperson said.
The firm has noted that it could liquidate if the deal fails through.
Shares of of Digital World DWAC fell 11.44% to $22.13, for its lowest close since the deal was announced in October. Its 52-week high was $175.
Digital World said ast month that the success of Truth Social "depends in part" on the "reputation and popularity" of Trump.
It noted that if the former president "becomes less popular or there are further controversies that damage his credibility or the desire of people to use a platform associated with him," that could damage the deal.