Shareholders in Digital World Acquisition (DWAC), the special purpose acquisition company which is looking to merge with social media firm Truth Social, founded by former President Donald Trump, voted on Tuesday to provide the parties up to a one year extension to finalize the deal.

On Tuesday a person familiar with the vote said that following a number of delays, enough shareholders were convinced to provide DWAC with an additional 12 months to finalize its plans with Trump Media and Technology Group (TMTG) to produce a vote to extend the deadline.

Of its roughly 400,000 shareholders, DWAC needed 65% to vote to approve extending the deadline.

Neither DWAC or TMTG have commented on the vote.

Had DWAC not been able to secure the vote for an extension by the shareholders by the 8th of September, the corporate charter for the company would have required it liquidate the $300 million it raised in its initial public offering and return it to the current shareholders.

On Tuesday, shares of DWAC were trading at $16.80, up 1.8% for the day, but substantially down from the $97 per share it was priced at in March of 2022.

Since DWAC announced it intended to acquire TMTG in October 2021, it has faced a series of setbacks and challenges. Both the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have launched investigations of it.

If DWAC can close its deal with TMTG, Trump Media will acquire access to over $1 billion in funding from the institutional investors of DWAC, such as various hedge funds.

If the DWAC merger were not to close, it is unclear how TMTG would fund its operations. Last October, Reuters reported that TMTG raised $22.8 million in funding from private investors. The funding was made in promissory notes dated between May 2021 and mid-2022, a form of short-term debt which, when the company goes public, can be converted into shares of the company.