Firm looking to buy Trump’s Truth Social changed its HQ address to UPS Store

The blank-check company that wants to buy former President Donald Trump’s Truth Social app has changed the address of its headquarters from a WeWork office to a mailbox at a UPS store.

Digital World Acquisition Corp. (DWAC), which is aiming to take Trump Media and Technology Group (TMTG) public, has altered its listed address to a UPS Store location in Miami.

DWAC also revealed in regulatory filings with the Securities and Exchange Commission that investors who had pledged some $1 billion in private equity had pulled $138.5 million in funding.

The investors were contractually obligated to pour money into TMTG after it agreed to a merger deal with DWAC last October. But the agreement expired last Tuesday, allowing the investors to pull out, according to the filings.

One investor told CNBC that funding was pulled due to legal obstacles facing DWAC.

The planned merger between Digital World Acquisition Corp. and Trump Media and Technology Group appears to be in jeopardy due to an SEC probe.
The planned merger between Digital World Acquisition Corp. and Trump Media and Technology Group appears to be in jeopardy due to an SEC probe.
REUTERS

The investor also cited Truth Social’s low popularity and the challenges it has faced in getting traction online.

Truth Social is currently barred from the Google Play store due to its purported failure to adequately monitor content per Google’s specifications.

Earlier this month, DWAC’s founders were forced to delay a shareholder vote on extending its merger agreement with TMTG. Instead, the founders put down an additional $3 million just to prevent the company from dissolving for three months.

The next vote is slated for Oct. 10.

Miami UPS store
The blank-check company that wants to buy Truth Social has changed the address of its headquarters to a mailbox at a UPS store.
Google Maps
WeWork office
The company’s previous headquarters was a WeWork office.
Google Maps

DWAC needs 65% of its shareholders to extend the deal for another year. But the merger appears in jeopardy after the SEC launched an investigation late last year into whether DWAC executives had advance knowledge of what they were buying before listing its shares.

If the merger goes through, Trump’s company would net $1.25 billion.

Shares of DWAC were trading down by 3.2% as of 11 a.m. Tuesday.

source: nypost.com