Digital World Acquisition Corp., a company you’ve probably never heard of, has fallen on hard times. The so-called “blank-check” entity has been trying to acquire Truth Social, and launch Trump’s “free speech” platform onto the stock market.
And now, the company seems to no longer have an executive office. Instead, it has a mailbox at a Miami UPS Store, according to an August SEC filing, first noticed and reported on by the Financial Times. That’s right: The would-be managing company of Trump’s social media site is now based in a P.O. Box.
Formerly, the DWAC’s principal executive office was listed on SEC filings at 78 SW 7th Street in Miami, which corresponds to a WeWork office in Brickell City Centre. However, in mid-August, something changed and the company’s primary address on an SEC filing became 3109 Grand Ave #450.
Searching the new address “brings up a UPS Store nestled between an Italian restaurant and a nail salon in the waterfront neighbourhood of Coconut Grove,” wrote the Financial Times. Gizmodo also searched the address, and verified these results. There is an Italian restaurant. There is a nail salon.
There are also a couple of other fun businesses that seem to be based at the UPS store along with DWAC. For example, Oura Collective, a public relations firm that uploaded this word cloud picture to its Google Maps listing. And Sobe Lifestyle Group, a boat rental service. That “450″ number in the DWAC address corresponds to a mail box number, according to FT.
The change of address doesn’t necessarily mean that DWAC no longer has office space, but if it doesn’t — it’s likely a cost saving measure.
From Financial Times:
DWAC, which previously listed a WeWork location in Miami’s Brickell City Centre as its address, has agreed to pay a business affiliated with Orlando $US15,000 ($20,823) a month for office space and administrative support. UPS typically charges approximately $US50 ($69) per month to rent out its mailboxes to businesses, according to stores contacted by the Financial Times, though prices vary.
The Securities and Exchange Commission and a New York grand jury are both investigating DWAC’s alleged shady dealings and its ongoing merger attempt with Truth Social. Amid the probes, the company has started to show signs of financial difficulty and stress. Truth Social itself has had lots of issues from the platform’s launch. And though user sign-ups have been on the rise, the site is likely not meeting expectations.
Earlier this month, shareholders were poised to NOT extend the DWAC/Truth acquisition. If that vote had happened, DWAC would’ve been liquidated on September 8. Instead though, CEO Patrick Orlando postponed the official vote for another month, sending the company into limbo.
The company has claimed in filings that it has enough funds to hold out for another three months, and could finalise the Truth merger deal without shareholder extension, according to reporting from The Washington Post. But the ongoing investigations have left the merger frozen, and as The Post pointed out three months is unlikely to be enough time for those probes to resolve.