Trump Media’s SPAC Deal Faces a Make-or-Break Investor Vote

The deal to take Donald Trump’s social-media company public faces a make-or-break moment as the blank-check firm that’s acquiring it rushes to get investor buy-in.

Digital World Acquisition Corp., the special-purpose acquisition company, is at risk of seeing the deal collapse if investors — made up largely of pro-Trump retail traders — don’t give it another year.

The shareholder vote next week is crucial for Digital World, whose shares rallied sharply in July on speculation that a settlement with the Securities and Exchange Commission would pave the way for it to buy Trump Media & Technology Group, the ...