(Finance) – Digital World Acquisition Corp (DWAC), the SPAC that is trying to complete a merger with Trump Media & Technology Group (TMTG), the social media company of former US President Donald Trump, said that will return $533 million raised via PIPE to investorsafter stepping back on another $467 million in PIPE commitments.
Basically, TMTG will no longer receive 1 billion of dollars if and when the operation is concluded. These deals leave DWAC with only the $293 million it raised in its September 2021 IPO.
“Despite how others may seek to characterize PIPE commitment cancellations, we want our shareholders to understand that these cancellations represent a positive development in our ability to complete the business combination“, commented Eric Swider, CEO of DWAC.