[ad_1]
Former US President Donald Trump’s new social media enterprise disclosed in a regulatory submitting on Monday it could elevate as much as $50 million via convertible notes earlier than it merges with a blank-check acquisition agency.
Fact Media & Know-how Group (TMTG) is about to obtain $1.25 billion in funding as soon as it merges with Digital World Acquisition Corp. However the deal, which was inked in October, has been beneath investigation by the US Securities and Change Fee (SEC). The funds are inaccessible to Trump’s firm till the SEC offers the inexperienced gentle and the transaction closes.
TMTG, which in line with the submitting posted an working loss in 2021 of $4.3 million, needed to safe different funding in consequence. It raised $38.2 million as of March 31 via the issuance of convertible promissory notes, the submitting exhibits.
The submitting reveals that the utmost TMTG can elevate although convertible notes is $50 million.
The rollout of Trump’s social media app, Fact Social, has been gradual after it was launched earlier this 12 months. Trump solely began utilizing the platform continuously this month. Two high executives left lower than a 12 months after they joined the corporate, Reuters beforehand reported.
[ad_2]
Source link
