11:11 AM EST, 03/07/2024 (MT Newswires) -- Digital World Acquisition ( DWAC ) said Thursday the Court of Chancery of the State of Delaware denied ARC Global Investments II's motion to expedite the case schedule on a share-conversion dispute.

The court on Tuesday also denied ARC's request to delay voting on the merger between Digital World and Trump Media & Technology Group until a hearing on the merits concludes, according to the company.

ARC filed a complaint with the court in February alleging impending violation of Digital World's charter because of the failure to commit the claimed number of conversion shares on closing of the deal, Digital World said.

The court ruled that Digital World's proposal to place disputed shares in escrow prevents potential irreparable harm, Digital World said.

ARC and Digital World have until Friday to recommend a 150-day schedule following the business combination for the court to resolve the case.

Additionally, the court ordered the parties to submit a stipulation by Friday regarding ARC's standing post-vote and agree on an escrow for account for disputed shares after the business combination.

ARC did not immediately respond to MT Newswires' request for comment.

Shares of Digital World Acquisition ( DWAC ), a blank-check company, rose 2.9% in recent trading Thursday.

Price: 41.36, Change: +1.17, Percent Change: +2.91