Trump Media & Technology Group Corp. Chief Operating Officer Andrew Northwall quit in late September, the company said in a regulatory filing on Thursday.
No reason was given for Northwall's resignation, with former United States President Donald Trump's company saying it "plans to transition his duties internally." Trump Media also revealed that it will release 785,825 shares of its stock from escrow to one of the investors that helped the company go public, as ordered by a Delaware judge. Looking at Thursday's closing price, those shares amount to about $12.7 million.
Delaware Chancery Court Judge Lori Will ruled in September that Trump Media breached an agreement with ARC Global Investments II regarding the number of shares ARC was owed after Trump Media merged with a special-purpose acquisition company, Digital World Acquisition Corp. (DWAC). Will concluded that DWAC's stock-conversion ratio was too low, meaning that ARC was entitled to a higher number of shares.
