Exhibit 99.1
Court of Chancery of the State of Delaware Held Hearing on United Atlantic Ventures v. Trump Media, Clears Way to Hold Merger Vote
Miami, FL, March 11, 2024 Digital World Acquisition Corp., a Delaware corporation (Digital World or the
Company), a direct and wholly owned subsidiary of Digital World (Merger Sub), and Trump Media & Technology Group Corp., a Delaware corporation (TMTG), entered into an Agreement and
Plan of Merger, dated as of October 20, 2021 (as amended by the First Amendment to Agreement and Plan of Merger, dated May 11, 2022, the Second Amendment to Agreement and Plan of Merger, dated August 9, 2023, the Third Amendment to
Agreement and Plan of Merger, dated September 29, 2023, and as it may be further amended or supplemented from time to time, the Merger Agreement), pursuant to which, among other transactions, Merger Sub will merge with and
into TMTG (the Business Combination) with TMTG surviving as a wholly owned subsidiary of Digital World. Upon the consummation of the Business Combination, Digital World will change its name to Trump Media &
Technology Group Corp.
As previously disclosed, on February 28, 2024, United Atlantic Ventures, LLC
(UAV) filed a verified complaint against TMTG in the Court of Chancery of the State of Delaware (the Court) seeking declaratory and injunctive relief relating to the authorization, issuance and ownership of
stock in TMTG, which was amended on March 4, 2024 to add TMTGs directors as defendants. In addition to its complaint filed on February 28, 2024, UAV also filed a motion to expedite proceedings with the Court. On March 6, 2024,
TMTG filed an opposition to UAVs motion to expedite, and UAV filed its response on March 8, 2024.
On March 9, 2024, the
Court held a hearing to decide UAVs motion to expedite proceedings. During the oral argument by the parties, TMTG advised the Court that it would agree that any additional shares of TMTG issued by TMTG prior to or upon the consummation of
the Business Combination (other than any shares issued to satisfy obligations pursuant to TMTG convertible notes) would be placed in escrow pending a resolution of the dispute between the parties. Vice Chancellor Sam Glasscock acknowledged that if
any claims remained after the stockholder vote scheduled to take place on March 22, 2024, on the proposed Business Combination (the Stockholder Vote), the Court would address those issues expeditiously. However, the Court advised
that it would not be blocking the Stockholder Vote, which will proceed as currently scheduled. The Court further noted that the parties would contact the Court following the Stockholder Vote.
Vice Chancellor Glasscock directed TMTG and UAV to submit a proposed stipulated escrow order by close of business on Wednesday, March 13,
2024. Digital World will continue to update its disclosures regarding this matter as circumstances warrant.
About Digital World Acquisition Corp.
Digital World Acquisition Corp. (Nasdaq: DWAC) is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. To learn more, visit www.dwacspac.com.
About TMTG
The mission of TMTG is to end Big Techs
assault on free speech by opening up the Internet and giving people their voices back. TMTG operates Truth Social, a social media platform established as a safe harbor for free expression amid increasingly harsh censorship by Big Tech corporations.
Additional Information and Where to Find It
Digital
World has filed with the SEC a registration statement on Form S-4 (as may be amended from time to time, the Registration Statement), which has been declared effective as of
February 14, 2024 and the Proxy Statement in connection with the Business Combination pursuant to the Merger Agreement, by and between the Company, Merger Sub, and TMTG. The Proxy Statement will be mailed to stockholders of Digital World as of
the record date for voting on the Business Combination. Securityholders of Digital World and other interested persons are advised to read the Registration Statement, the Proxy Statement in connection with Digital Worlds solicitation of proxies