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Trump Media merger accomplice loses board member days earlier than pivotal shareholder assembly

The Reality social community emblem is seen displayed behind a lady holding a smartphone on this image illustration taken February 21, 2022.

Dado Ruvic | Reuters

A South Florida actual property government has stop the board of Digital World Acquisition Corp., the blank-check firm that agreed to take former President Donald Trump’s media firm public, in keeping with a securities filing Wednesday.

Justin Shaner, the CEO of Shaner Properties within the Miami-Fort Lauderdale space, resigned from DWAC’s board of administrators Friday, the submitting stated.

The transfer got here days earlier than DWAC’s shareholder assembly, which is scheduled for Nov. 22. DWAC’s CEO, Patrick Orlando, has adjourned the meeting multiple times in latest months as he seeks shareholder approval to delay his firm’s merger with Trump Media and Know-how Group, which owns the Reality Social app, by a couple of 12 months.

The DWAC-Trump Media deal is being investigated by federal prosecutors and regulators. Will Wilkerson, a former Trump Media government, turned over paperwork to the Securities and Alternate Fee and filed a whistleblower complaint, claiming misrepresentations by the businesses.

DWAC will seemingly liquidate if the merger deadline is not delayed by early December.

Shaner did not instantly return a request for remark, nor did DWAC. “The resignation of Mr. Shaner didn’t consequence from any disagreement with the Firm regarding any matter referring to the Firm’s operations, insurance policies or practices,” DWAC stated in Wednesday’s submitting.

Shaner was a board member on one other Orlando-run blank-check firm, Benessere Capital Acquisition Corp. That firm was subpoenaed by the SEC earlier this 12 months over its proposed merger with one other firm, eCombustible Power.

Benessere stated in October that it could liquidate after eCombustible Power pulled the plug on the deal. Benessere had stated the SEC’s probe delayed its registration assertion, in keeping with securities filings. Trump Media has additionally blamed the SEC for the delay of its merger with DWAC.

Shares of DWAC fell about 8% in premarket buying and selling Thursday, after declining 16% Wednesday, the day after Trump introduced he would run for president in 2024. The inventory, buying and selling round $20, is nicely off its excessive for the 12 months, $101.87, which it hit in March.

Trump himself is below federal felony investigation, whereas his major enterprise, the Trump Group, is on trial in New York.

He based Reality Social after he was banned from Twitter for his posts on Jan. 6, 2021, when a whole lot of his supporters attacked the U.S. Capitol in an finally failed try and overturn Joe Biden’s victory within the 2020 election. New Twitter proprietor and CEO Elon Musk has stated he would let Trump again on the social community, the place the previous president had about 88 million followers. He has about 4 million followers on Reality Social.

– CNBC’s Dan Mangan contributed to this report.

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