Truth Social (DJT) has provided an update.
Trump Media & Technology Group Corp. (TMTG) has finalized an asset acquisition agreement to obtain key technology assets from WorldConnect Technologies and its affiliates for the development of its Truth platform. The deal, expected to close by July 2024, includes the issuance of up to 5.1 million shares of TMTG common stock as consideration and involves a standstill on the sale of shares for 12 months post-closing, with sales capped at a certain percentage of trading volume. Additionally, TMTG has secured a Standby Equity Purchase Agreement with Yorkville, allowing it the option, but not the obligation, to sell up to $2.5 billion of common stock to Yorkville under certain conditions. These strategic moves aim to bolster TMTG’s content delivery network technology and strengthen its financial position, although there is no certainty the transaction will be completed as described.
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