On Thursday, sources familiar with the matter revealed that Trump’s media deal partner is close to securing a $50 million financing arrangement. This funding is expected to support the endeavor to make the former president’s social media platform go public. The potential deal, set to be announced in the coming days, revolves around convertible notes that various investors, including Anson Funds, All Blue Capital, and Mangrove Capital Partners, are reportedly interested in purchasing. The sources, wishing to keep the details confidential, spoke on condition of anonymity.

A financing deal would come at a critical time for DWAC, the special-purpose acquisition company (SPAC) that has agreed to merge with Trump Media & Technology Group (TMTG). The SPAC has been trying to complete the merger since it went public in 2021 and has faced numerous challenges. It settled fraud charges with the Securities and Exchange Commission, replaced its chief executive, and shook its board. The SPAC has also extended the deadline to close its merger with TMTG several times.

Despite that, the SPAC still has more than $300 million in its bank accounts, which it is expected to use to pay for staff, leases, and other expenses. It also has a $1 billion private-investment-in-public-equity (PIPE) investment it received from a group of institutional investors in October.

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Investors in DWAC voted to give the firm up to a year to pull off its deal with TMTG, which owns the social media platform Truth Social. According to a regulatory filing on Wednesday, the vote was approved by about 72% of stockholders.

But even if the financing deal is finalized, the SPAC will have to wait until the end of September to get clearance from the Securities and Exchange Commission for its shareholders to vote on the TMTG deal. The delay is expected in SPACs, which are often required to hold a public vote to approve a merger with an established company.

If the TMTG deal isn’t completed by then, DWAC will have to return the money it has already raised from its investors and may have to rewrite its financial disclosures. That could mean a lengthy legal battle over the SPAC’s accounting practices and potentially delisting it from the Nasdaq stock market. The SPAC lost one auditor; another resigned last week amid the ongoing fraud probe.