Donald Trump’s startup of social media announced on Saturday that they secured $ 1 billion in new investment as part of their ongoing effort to be listed via a blank check company.
Between the lines: None of the investors were identified, which is very unusual for this type of transaction.
Details: This is a so-called PIPE investment at around 34.36 dollars per share.
- There is a 20% discount compared to SPAC’s 5-day trading average through December 1, but still much higher than when a typical SPAC trades before the merger is complete.
- The PIPE price per share can be adjusted up or down, based on how the share performs when the merger ends.
What you should see: The Trump Media & Technology Group has still not named a CEO, although the former president is listed as chairman, and does not plan to publicly launch any products until early next year.