The shareholder meeting of Digital World Acquisition Corp. has been postponed for more than a month as the company’s planned merger with Donald Trump’s media company remains uncertain. It’s unclear what this means for the contract, which was set to expire on Thursday. The SPAC would be liquidated if the vote failed, according to Digital World. The SPAC attempting to take former President Donald Trump’s media company public has rescheduled its shareholder meeting for October 10 to allow voting on delaying the merger to continue. The meeting had already been adjourned twice earlier in the day by DWAC, who had previously adjourned it on Tuesday. The deadline for the merger has been set for Thursday. The outcome of the vote could determine the fate of a $1.3 billion cash infusion from DWAC’s initial public offering and a potential stock market listing for Trump Media and Technology Group.

DWAC confirmed Thursday that ARC Global Investments II, a company controlled by DWAC CEO Patrick Orlando, began a three-month extension with a $2.8 million deposit into DWAC’s trust account. The ten-cent deposit pushes the merger deadline to December 8, about two months after the next scheduled special meeting. DWAC concluded its statement by urging investors to support the extension given the extra time. Following the adjournment on Thursday, Orlando used Truth Social to post a reference to “Star Trek,” as well as a photo of a tomahawk steak, a selfie with a white Ford Bronco, and quotes from Trump and Thomas Jefferson. DWAC shares saved on light volume after the market closed. Truth Social is owned by Trump Media, which was founded by the former president after he was barred from Twitter following the January 6, 2021 Capitol riot.

The SPAC would be liquidated if the vote failed, according to Digital World. The built-in extension allows the company more time to collect votes and raises the share payout from around $10.20 to around $10.30 if the company is liquidated. The DWAC was supposed to announce the results of the election on Tuesday, but Orlando called a special meeting after only two minutes to allow for additional voting opportunities. Earlier that day, Reuters reported, citing sources familiar with the situation, that DWAC had failed to secure the necessary votes for the extension. The merger deadline extension requires the support of 65% of DWAC shareholders. Despite the fact that Orlando owns 20% of those shares through ARC Global Investments, he claims the transaction has attracted a large number of retail investors. Orlando has been urging those investors to vote for Truth Social.

An SEC investigation into potential securities violations has also been launched as a result of reports that Trump Media and DWAC representatives discussed the merger prior to DWAC’s initial public offering. The Trump Media and Technology Group blamed the merger delay on the SEC, claiming that the commission’s “meaningful feedback” was long overdue.

“In the interests of simple fairness,” Trump Media said in a statement, “the SEC must set aside any improper political considerations and bring its review to a quick conclusion.” Trump Media has denied financial problems, claiming that the company owed a contractor more than $1 million. According to the former president, the cash infusion from the DWAC deal may not be necessary. In any case, because I am extremely wealthy, I do not require financing! “How about a private company?” Trump asked in a Truth Social post on Saturday.