Digital World Corp (DWAC) has released an update to notify the public and investors about an entry into a material definitive agreement.
Digital World Acquisition Corp. is set to issue $50 million in convertible promissory notes to support its business combination with Trump Media & Technology Group Corp. These notes, bearing 8% interest, can be converted into Digital World Class A common stock and warrants, under certain conditions post-business combination. Additionally, the company has agreed to issue 3,050,000 warrants, at $11.50 per share, to certain institutional investors, aligned with its initial public offering terms. These financial instruments were offered under exemptions from standard securities registration requirements.
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For a comprehensive understanding of the announcement, you can read the full document here.
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