Posted 3/1/2024, 1:53:00 PM
Trump Media & Technology Group Faces New Lawsuits Seeking to Block Merger
- DWAC disclosed new lawsuits seeking to block its merger with Trump Media & Technology Group, including a lawsuit from former DWAC chairman Patrick Orlando related to share allocation
- DWAC extended the deadline for completing the merger to June 8, the third of four possible 3-month extensions
- Lawsuit filed by Trump Media co-founders Litinsky and Moss alleges Trump is trying to dilute their stake in TMTG from 8.6% to less than 1%
- Litinsky and Moss also sent letters asserting they have the right to appoint two directors to the DWAC board
- DWAC warned the new lawsuits could lead to substantial legal costs, distract management, and have adverse effects on the business