Arc Global and United Atlantic Ventures together hold a significant stake in TMTG, with UAV holding over 10.9 million shares (more than 5%) and Arc Global owning over 7.4 million shares (more than 4%). The shares are set to be sold after the lock-up restriction lifts on September 19.
The legal dispute originates from TMTG’s initial public offering in March following a merger with Digital World Acquisition Corp. (DWAC). TMTG accuses Patrick Orlando, former chair and CEO of DWAC, along with Arc Global, of attempting to block the merger to enrich themselves, resulting in costly delays.
Related Litigation and Ongoing Legal Battles
The lawsuit is one of several interconnected legal battles. TMTG has filed a separate suit, currently paused, against UAV’s investors, claiming breach of fiduciary duty. UAV had earlier sued TMTG, alleging that the company schemed to dilute their stake.
At the same hearing, Judge Carroll also denied a motion to stay claims against Patrick Orlando while he appeals the denial of his motion to dismiss based on forum grounds. Orlando had argued that the case should be heard in Delaware, but Judge Carroll maintained that the suit is properly filed in Florida.
Truth Social 18M Shares Sale : Legal Representation and Next Steps
TMTG is represented by Samuel J. Salario Jr., Jason B. Gonzalez, and Raymond F. Treadwell of Lawson Huck Gonzalez PLLC, while Digital World Acquisition Corp. is represented by Bradley J. Bondi of Paul Hastings LLP. Patrick Orlando is represented by Adam L. Schwartz and Andrew T. Figueroa of Vedder Price LLP, with Arc Global represented by Kevin P. Jacobs and Andrew Vitali III of Homer Bonner Jacobs Ortiz PA. United Atlantic Ventures, along with investors Moss and Litinsky, is represented by Christopher J. Clark and Benjamin Dozier of Clark Smith Villazor LLP and Thomas F. Icard Jr. and Tyler J. Brown of Icard Merrill Cullis Timm Furen & Ginsburg PA.
