Digital World Acquisition Corp., the special-purpose acquisition company aiming to merge with Donald Trump’s media company, has agreed to issue $50 million in convertible notes.
The blank-check company said in a securities filing on Thursday that it has entered into a purchase agreement with institutional investors for the notes, which will accrue interest at an annual rate of 8%.
Digital World has also entered into a warrant subscription agreement with investors, under which it will issue more than 3 million warrants to purchase Digital World shares for $11.50 each. The warrants are to be issued concurrently with the closing of the business combination with Trump’s Truth Social.
The company has said that the merger could be completed as soon as the first quarter of 2024.
Write to Dean Seal at [email protected]
