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 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.
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.