According to reports, the truth Media & amp; Technology Group (tmtg), founded by former US President trump, disclosed in a regulatory filing on Monday that the company could raise up to $50 million through convertible notes before merging with a blank check acquisition company.
Tmtg and digital world acquisition Corp are expected to complete the merger in the second half of this year and obtain US $1.25 billion in financing after the merger. However, the M & a agreement signed last October has been investigated by the securities and Exchange Commission (SEC). Trump's company will not be able to obtain these funds until the SEC approves and completes the transaction.
According to the submitted documents, tmtg had an operating loss of US $4.3 million in 2021, so it must obtain other funds. Documents show that as of March 31, the company raised $38.2 million through the issuance of convertible notes.
According to the document, the fund raised by tmtg through convertible notes is limited to US $50 million.
Trump's social media application "truth social" has been making slow progress since its launch earlier this year. Trump began to use the platform frequently only this month. According to previous media reports, two executives left the company less than a year after joining the company.