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Trump Media & Technology Corporation and Digital World Acquisition Corporation Announce $1 Billion “PIPE” Investment in Business Fund Commitments

Trump Media & Technology Group Corp. (“TMTG”) and Digital World Acquisition Corp. (Nasdaq: DWAC), announced today that Digital World Acquisition Corp. (“DWAC”) has entered into subscription agreements for $1 billion in committed capital to receive upon completion of their business combination (“PIPE”) from a diverse group of institutional investors. office.

President Donald J. Trump, President of TMTG, stated, “$1 billion sends an important message to Big technology that censorship and political discrimination must end. America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology. As our balance sheet expands, TMTG will be in a stronger position to counter the tyranny of Big Tech. ”

Patrick Orlando, President and CEO of Digital World Acquisition Corp., commented: “Our focus on providing value to shareholders publicly drives our decision-making and by accepting With these commitments to strategically channeling growth capital, we believe the combined company can develop extremely strong foundations. The liquidity that will be provided to the company’s balance sheet, in excess of the $293 million (minus expenses) that DWAC can provide, will underpin TMTG’s strategic positioning. I am confident that TMTG can effectively deploy this funding to accelerate and strengthen its business, including by continuing to attract top talent, hire top technology vendors, while implementing key advertising and business development campaigns. ”

Together, the transaction would provide an estimated $1.25 billion in proceeds (after deducting estimated transaction costs), assuming DWAC delivers all of the cash entrusted by the DWAC, to be used. used to finance the activities of the incorporated legal entity.

The conversion price per share of the fully convertible preferred stock PIPE transaction is committed to a 20% reduction from DWAC’s volume-weighted average closing price (“VWAP”) over the previous five trading days and includes December 1, 2021, subject to the reduction of the adjustment.

If the incorporated entity’s VWAP 10 trading days after the close of the business (“VWAP Close”) is at or above $56, no downward adjustment will occur. If the VWAP closes below $56, the conversion price will be adjusted to a 40% higher discount for the VWAP close and a $10 floor price.

PIPE funding is subject to customary closing conditions, including shareholder and regulatory approval, and is expected to close after or shortly after the business combination is completed. Fort.

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https://www.tampafp.com/trump-media-technology-group-corp-and-digital-world-acquisition-corp-announce-1-billion-pipe-investment-in-committed-capital-to-fund-business/ Trump Media & Technology Corporation and Digital World Acquisition Corporation Announce $1 Billion “PIPE” Investment in Business Fund Commitments

DUSTIN JONES

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