Vice Chancellor Lori Will, of the Delaware Court of Chancery. Courtesy photo Trump Media Stakeholder Awarded Part of Requested Post-Merger Ownership Boost
It's likely, a lawyer familiar with the case said, that the decision could be applied to the anti-dilution provisions in nearly all de-SPAC mergers.
September 17, 2024 at 05:29 PM
3 minute read
Vice Chancellor Lori Will has ruled that the sponsor of a SPAC survived by Donald Trump's media company is owed more stock than originally offered by the post-IPO entity, but less than the sponsor asked for.
Will's post-trial opinion issued Tuesday stated Digital World Acquisition Co., the SPAC survived by Truth Social owner Trump Media & Technology Group, breached its contract by giving DWAC sponsor ARC Global Investments Co. fewer shares than it should have, but that DWAC and its directors hadn't breached their fiduciary duties as ARC had alleged.
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