In addition to the app, which is expected to soft-launch next month with a nationwide rollout early next year, the company says it is planning a video-on-demand service dubbed TMTG+ that will feature entertainment programming, news and podcasts.
In a release, the new venture announced it had been created through a merger with Digital World Acquisition and said it seeks to become a publicly listed company.
DWA, based in Miami, is a special-purpose acquisition company. Such publicly traded companies are designed to list the shares of a private company more quickly than a traditional initial public offering. In practice, that means the company acquires a private firm and then changes its name and other details to those of the acquired firm.
These types of companies pay for their acquisitions with cash provided by investors who bought into the initial public offering.
Patrick Orlando is the chairman and chief executive officer of DWA, according to its filings with the US Securities and Exchange Commission.
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Orlando has been involved in several blank check companies, including serving as CEO of Yunhong International since January 2020, which is traded on Nasdaq under the symbol ZGYH and is based in Wuhan, China, according to Securities and Exchange Commission filings including those by Yunhong International.
DWA said it has raised roughly $US293 million ($389 million) in cash, which it will use to grow TMTG’s ventures. Among the company’s biggest shareholders are several institutional investors, including Lighthouse Investment Partners, DE Shaw & Co and Radcliffe Capital Management, according to a filing with the Securities and Exchange Commission.
The deal has an initial enterprise value, a measure that takes into account a company’s total debts and assets, of $US875 million, according to the release.
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Source: Philippines Alive
