Trump-linked Digital World slides on report it failed to get SPAC extension

Remark Holdings

06/09/2022 15:21

(Updates to open)
     ** Shares of Digital World Acquisition Corp  DWAC.O , SPAC
looking to take former U.S. President Donald Trump's social
media platform Truth Social public, drop 14.8% 
    ** DWAC is the #1 trending stock on retail investor-focused
social media Stocktwits.com
    ** DWAC failed to secure enough shareholder support for a
one-year extension to complete the deal, according to a Reuters
report late on Monday  urn:newsml:reuters.com:*:nL1N3081ML
    ** DWAC needs 65% of shareholder vote in favor of proposal
to extend its life by 12 months; by Monday evening, far fewer
DWAC shareholders than those required had voted in favor,
sources familiar with the matter told Reuters
    ** Outcome of the shareholder vote is set to be announced at
a special meeting of Digital World shareholders on Tuesday
    ** Other stocks linked to Trump such as SPAC CF Acquisition
Corp VI  CFVI.O , which will take Canadian video platform Rumble
public, rises 3.7%
    ** Trump's social media venture entered into a technology
and cloud-services agreement with Rumble in December
    ** Software developer Phunware Inc  PHUN.O , hired by
Trump's 2020 presidential reelection campaign to build phone
app, falls 5.3%
    ** Remark Holdings  MARK.O , which has been linked to Trump
on social media sites, slips 1.7%. Reuters has not independently
verified the link between Trump and Remark
    ** DWAC down 58% so far this year

 (Reporting by Johann M Cherian, Bansari Mayur Kamdar and Amruta
Khandekar in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))