Digital World needed 65 percent of its shareholders to vote in support of giving the merger with Truth Social another year. But not enough voted by Thursday's deadline and it was unclear what the next step would be.
Digital World needed 65 percent of its shareholders to vote in support of giving the deal another year. But not enough voted, Orlando said.Orlando and other investors had campaigned heavily in recent days to marshal enough shareholder support, including on Truth Social, a Twitter clone that has faced technical issues and low activity in the more than six months since its launch.
The meeting had originally been called for Tuesday but was postponed so the company could record more votes, Orlando said. On Thursday, the meeting was postponed another two times before Orlando spoke at 5 p.m., saying the meeting would be postponed once again until Oct. 10.Digital World’s share price increased about 1 percent on Thursday, to $23, and fell in after-hours trading following the postponement.
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