Company: DJTWW
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001140361-25-004840
Chunk: 23

Company: Trump Media & Technology Group Corp.
Filing Date: 2025-02-14
Form: 424B3
Chunk 23
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 TMTG, entered into an Agreement and Plan of Merger (as amended, the “ Merger Agreement”), pursuant to which, among other transactions, Merger Sub merged with and into Private TMTG, with Private TMTG continuing as the surviving corporation and as a wholly owned subsidiary of TMTG (the “ Merger” and, together with the other transactions contemplated by the Merger Agreement, the “ Business Combination”). On March 25, 2024 (the “ Closing Date”), the Business Combination was consummated (the “ Closing”). In connection with the Business Combination, all shares of Private TMTG common stock issued and outstanding immediately prior to the effective time of the Closing (the “ Effective Time”) (other than those properly exercising any applicable dissenters’ rights under Delaware law) were exchanged for the Merger Consideration (as defined in the Merger Agreement) (or, as applicable, the separate and additional consideration received by former holders of Private TMTG Convertible Notes issued by Private TMTG). Each Private TMTG Convertible Note that was outstanding immediately prior to the Closing was automatically converted immediately prior to the Effective Time into a number of shares of Private TMTG common stock, in accordance with each such Private TMTG Convertible Note as set forth therein. At the Closing, Digital World Acquisition Corp. changed its name to “Trump Media & Technology Group Corp.” and Private TMTG changed its name to “TMTG Sub Inc.” Notwithstanding the legal form of the Merger pursuant to the Merger Agreement, the Merger was accounted for as a reverse recapitalization in accordance with U.S. GAAP because Private TMTG was determined to be the accounting acquirer under ASC 805. The determination was primarily based on the evaluation of the following facts and circumstances taking into consideration:

| • | The pre-combination equity holders of Private TMTG hold the majority of voting rights in TMTG; |

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| • | The pre-combination equity holders of Private TMTG have the right to appoint the majority of the directors on TMTG’s Board; |

| • | Private TMTG senior management (executives) are the senior management (executives) of TMTG; and |

| • | Operations of Private TMTG comprise the ongoing operations of TMTG. |

Under the reverse recapitalization model, the Merger is treated as Private TMTG issuing equity for the net assets of Digital