Tag: Approaches

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Business

Trump SPAC deal in danger as merger deadline approaches

SPAC, partner of Trump Media, receives no support for an extension: report

Former US President Donald Trump on Oct. 20 announced plans to launch his own social networking platform, dubbed “TRUTH Social,” which is expected to begin beta launch for “invited guests” next month.

Chris Delmas | AFP | Getty Images

The fate of the proposed merger between former President Donald Trump’s media company and the shell company that aims to take it public — and give it a cash injection — has grown murkier as a crucial deadline approaches.

The Digital World Acquisition Corp. is due to merge with Trump Media and Technology Group, owner of Truth Social, on Thursday. DWAC, a special purpose acquisition company, has spent the past week collecting enough shareholder votes to extend the deadline for the transaction. The companies have not completed the merger, and federal investigations related to the deal and Trump have mounted.

The result of the shareholder vote will be announced Thursday at 12:00 p.m. ET.

DWAC was scheduled to publicly announce the result in a special meeting Tuesday, but CEO Patrick Orlando adjourned the meeting within two minutes to allow additional voting time. Earlier in the day, Reuters reported that the vote had failed, citing sources familiar with the matter.

DWAC has previously warned that failure to approve the extension could result in its liquidation, which would pay out roughly at its original share price of $10 per share. DWAC was trading around $22 on Wednesday; the stock was around $97 in March.

Trump Media and Technology Group is also facing obstacles. His Truth Social app, created by the former president after he was banned from Twitter following the January 6, 2021 uprising, has been banned from the Google Play Store.

The company signaled that they are still working on the deal.

“TMTG will continue to work with all stakeholders in connection with its proposed merger and hopes SEC officials will complete their review in a timely manner and free from political interference,” the company told CNBC on Tuesday.

But Trump indicated in a Truth Social post on Saturday that the issue will be resolved and that he doesn’t need DWAC or the cash injection from the deal to keep the platform going.

“Google is making good progress (I think?). SEC seeks to harm companies providing financing (SPAC),” the former president wrote to his 4 million Truth Social followers on Saturday. “Who knows? Anyway, I don’t need funding, ‘I’m really rich!’ Anyone private company???”

The failure of the DWAC merger could sear retail investors attempting SPAC investing because of the President.

Orlando may be able to delay DWAC’s liquidation, according to an SEC filing Wednesday. Orlando’s corporation and SPAC sponsor, ARC Global Investments II, plans to contribute $2.8 million of its own funds to initiate a three-month extension.

However, DWAC may not be out of the woods. The company faces federal investigations into possible securities violations by DWAC and Trump Media and Technology Group. Trump also faces multiple investigations related to the removal of sensitive documents from the White House and his role in the Jan. 6 Capitol riots.

DWAC has also warned in an SEC filing that Trump’s waning popularity could pose a risk to the deal.

Representatives from DWAC and Trump Media did not immediately respond to requests for comment Wednesday.

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Business

Fauci warns towards enjoyable public well being measures as summer time approaches

Fauci warns against relaxing public health measures as summer approaches

Jose Rivera with wife Stephanie Rivera watches their nieces and nephews Ariel, Sophia, and Ignacio Arminta, then visits Santa Monica Pier while people take advantage of the warm weather during the COVID-19 spring break in Southern California on Monday. Santa Monica Pier and Boardwalk on Monday, March 29, 2021 in Santa Monia, CA.

Al Seib | Los Angeles Times | Getty Images

WASHINGTON – The White House Chief Medical Officer, Dr. Anthony Fauci, warned Monday that Americans should remain vigilant and comply with public health measures as the warmer summer months approach.

“You may remember a little over a year ago when we were looking for summer to save ourselves from waves. It was actually the opposite,” Fauci said during a coronavirus briefing at the White House.

“We saw some significant waves over the summer. I think we shouldn’t even think about relying on the weather to get rid of whatever we’re in right now,” he added.

Fauci also said Monday that Americans should continue to receive both doses of the Pfizer and Moderna Covid-19 vaccines, despite a recent study suggesting that only one dose might be enough.

Fauci previously warned that the nation is still fighting the coronavirus despite the Biden government ramping up vaccine production and continuing to deliver record numbers of vaccine doses.

“When I hear myself completely withdrawing from public health measures and stop saying masks, nothing like that, it’s a risky proposition,” Fauci said during an interview with Meet the Press last month.

“Don’t spike the ball on the 5-yard line. Wait until you get to the end zone. We’re not in the end zone yet,” he said, adding that early public health withdrawals are adding to the pandemic could extend.

Similarly, the Centers for Disease Control and Prevention has recommended that Americans continue to refrain from travel due to coronavirus cases across the country.

“We know we have a growing number of cases right now. I would speak out against general travel altogether,” said CDC director Rochelle Walensky last week. “We do not currently recommend travel, especially for those who have not been vaccinated,” she added.

Over the past month, a number of states across the country have relaxed restrictions to varying degrees.

The Arizona governor ended capacity restrictions on businesses but said they must continue to need masks. Texas also announced a return to full capacity companies, but dropped its mask mandate. The Alabama governor said the state will lift its mask mandate after April 9. South Carolina lifted the state’s mask mandate in government buildings, but recommended that restaurants continue to require face coverings.

In California, theme parks, outdoor sports, and live stadium events can restart on April 1st with reduced capacity and mandatory masks.

Mississippi also announced last week that companies could operate at full capacity and dropped the state’s mask mandate.

Last month, in his first prime-time address, President Joe Biden urged Americans to continue to keep a clear eye on the disease through public health measures. Biden also set a goal for Americans to gather in small groups to celebrate July Fourth.

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World News

N.Y.C. Postpones Vaccine Appointments As Winter Storm Approaches

N.Y.C. Postpones Vaccine Appointments As Winter Storm Approaches

Vaccination sites in the New York subway area will close on Monday due to an impending winter storm that is expected to throw up to 16 inches of snow on the area.

Winter storm warnings were issued on Sunday for much of the eastern United States, disrupting vaccinations in Washington, DC, Philadelphia, New Jersey and elsewhere.

Speaking at a press conference on Sunday, Mayor Bill de Blasio said he did not want older New Yorkers on their way to vaccinations and warned of blizzard-like conditions with gusty winds. The vaccinations scheduled for Tuesday in New York City have not been canceled for the time being, de Blasio said.

The storm will temporarily disrupt the vaccine rollout in New York City, which is plagued by inadequate supplies, faulty registration systems, and confusion over the state’s stringent licensing policies. The vaccine is available to residents aged 65 and over, as well as a large number of workers classified as “essential”.

About 800,000 doses have been administered in the city so far, de Blasio said.

Vaccine appointments at multiple locations in the area – the Javits Center in Manhattan, the Aqueduct Racetrack in Queens, a transit point on Jones Beach on Long Island, SUNY Stony Brook and the Westchester County Center – are postponed for this week, according to a statement from this week Melissa DeRosa, a top advisor to Governor Andrew Cuomo. “We are asking all New Yorkers to monitor the weather and stay out of the streets tomorrow so our crews and first responders can do their jobs safely,” she said.

In the Philadelphia area, urban testing and vaccination sites will be closed on Monday. Rhode Island, Connecticut, New Jersey, and parts of the DC, Maryland, and Virginia areas followed suit. Some areas outside the center of the storm were expected to remain open for vaccination, including parts of Massachusetts and New York state.

In Oregon, a storm on Tuesday resulted in a group of health officials hauling vaccines to be offered to drivers stuck on the side of the road shortly before their expiration date.

The rollout in New York City was also hampered by distribution problems and severe racial differences, according to de Blasio, with residents of black and Latino receiving far fewer doses than residents of white.

The city’s demographics were incomplete, but the numbers so far have been remarkable: of the nearly 300,000 city dwellers who received a dose and whose race was recorded, about 48 percent were white, 15 percent were Latinos, 15 percent were Asian, and 11 percent were black . The Latino and Black residents were underrepresented: the city’s population is 29 percent Latinos and 24 percent black.

Attempts to provide more vaccination kits to underserved communities in Brooklyn and the Bronx, including churches and public housing areas, were also delayed this week as six pop-up locations in the two counties were moved to Wednesday. Ms. DeRosa said.