Digital World Acquisition Corp. and Trump Media & Technology Group Announce Filling of a Registration Statement in Connection with their Proposed Business Combination

~ Filing represents significant milestone towards merger completion ~

~ Transaction expected to close in the second half of 2022 ~

MIAMI, May 16, 2022 (GLOBE NEWSWIRE) -- Digital World Acquisition Corp. (Nasdaq: DWAC), a special purpose acquisition company, and Trump Media & Technology Group Corp. (“TMTG”) announced today that DWAC has filed with the U.S. Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 (the “Registration Statement”) in connection with DWAC’s proposed business combination with TMTG.

On October 20, 2021, DWAC and TMTG entered into a definitive merger agreement, and today’s filing is a substantial step towards completing their de-SPAC. The transaction is expected to close in the second half of 2022, subject to certain conditions.

The transaction is expected to provide TMTG approximately $1.25 billion of net proceeds at close, assuming no redemptions by DWAC stockholders. These proceeds will be used, among other things, to fund the development and growth of TMTG’s products—including the TruthSocial app.

About Digital World Acquisition Corp.

Digital World is a blank check company incorporated in December 2020 for the purpose of effecting a business combination with one of more companies. Digital World completed an Initial Public Offering in September 2021 and entered into a definitive merger agreement with TMTG in October 2021. To learn more, visit www.dwacspac.com.

About Trump Media & Technology Group Corp.

Trump Media & Technology Group (TMTG) is a social media and technology company. TruthSocial, TMTG's first product, is a high-growth social media platform and a Big Tech alternative that encourages an open, free, and honest global conversation without discriminating on the basis of political ideology. To learn more, visit www.tmtgcorp.com.

Important Information and Where to Find It

The proposed transactions will be submitted to DWAC's stockholders for their consideration and approval at a special meeting of stockholders. In connection with the proposed transactions, DWAC has filed the Registration Statement, which included a preliminary proxy statement / prospectus in connection with DWAC's solicitation of proxies for the vote by DWAC's stockholders in connection with the proposed transactions and other matters as described in such Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to TMTG’s shareholders in connection with the completion of the proposed transactions. After the Registration Statement has been declared effective, DWAC will mail a definitive proxy statement / prospectus and other relevant documents to its stockholders as of the record date established for voting on the proposed transactions. Investors and security holders of DWAC are advised to read the preliminary proxy statement and any amendments thereto, and, when available, the definitive proxy statement / prospectus, in connection with DWAC's solicitation of proxies for its special meeting of stockholders to be held to approve the proposed transactions because the proxy statement / prospectus will contain important information about the proposed transactions and the parties to the proposed transactions. Investors and security holders will be able to obtain free copies of the Registration Statement, including the proxy statement / prospectus and all other relevant documents filed or that will be filed with the SEC by DWAC at www.sec.gov. The documents filed by DWAC with the SEC also may be obtained free of charge upon written request to DWAC at 110 East 59th Street, New York, NY 10022.