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The move comes nearly four months after the special-purpose acquisition company (SPAC) ousted CEO Patrick Orlando, saying that a new management team was needed to tackle “unprecedented headwinds”.
Trump Media & Technology Group (TMTG) had in October 2021 announced a deal to go public by merging with DWAC, but the merger is now in doubt as investigations by the Justice Department and the U.S. securities regulator have delayed its closing.
A filing earlier this month showed that DWAC has reached an agreement with the staff of the Securities and Exchange Commission, though it was not yet definitive and the terms were subject to the SEC’s approval.
Swider said on Monday the company’s focus will continue to be on completing the merger with TMTG, as it is the “best option for shareholders”.
DWAC shares were up around 1% in premarket trading.
