> ## Content Index > Fetch the complete content index at: https://www.bullished.co/llms.txt > Use this file to discover other available public pages before exploring further. # Trump Media Sets December 14 Vote On TAE Merger, Fixing Ratio At 4.8327 Shares Per TAE Share - URL: https://www.bullished.co/trump-media-sets-december-14-vote-on-tae-merger-fixing-ratio-at-4-8327-shares-per-tae-efedee07/ - Published: 2026-11-02T21:43:00.000Z - Updated: 2026-11-05T18:39:43.000Z - Description: The amended filing shows a 2025 pro forma net loss of $945.6 million and a November 30 right to demand cash on $1.0 billion of notes. - Author: Matteo Parrino - Tags: Deals, DJT, Industry: Communication Services [Trump Media & Technology Group](https://www.bullished.co/tag/djt/), which runs the Truth Social platform, will put its pending all-stock merger with fusion developer TAE Technologies to a [December 14 shareholder vote](https://www.sec.gov/Archives/edgar/data/0001849635/000143774926034438/djt20261029%5Fs4a.htm?ref=bullished.co), according to an amended registration statement filed Monday. The Trump Trust has committed to vote its 114,750,000 shares, about 41% of the company. ## A fixed ratio and a 49.49% split The filing sets the [current exchange ratio at 4.8327](https://www.sec.gov/Archives/edgar/data/0001849635/000143774926034438/djt20261029%5Fs4a.htm?ref=bullished.co) Trump Media shares for each TAE share, based on October 30, 2026 share counts. The ratio is fixed: there is no price collar, and neither side can walk away because of stock-price moves alone. About 292,793,640 new Trump Media shares would go to TAE holders. On a fully diluted basis, Trump Media holders and TAE holders would each own 49.49%, with a further 6,000,000 shares going to Yorkville Ives as an advisory fee. Trump Media's closing price fell from $10.47 on December 17, 2025 to $5.59 on October 30, 2026\. Because the ratio floats with no collar, the value TAE holders receive moves with that price. ## Losses and a November 30 cash demand On a pro forma combined basis, the 2025 net loss comes to $945.6 million, or $1.71 a share, on net sales of $4.9 million. Trump Media alone lost $712.3 million on revenue of $3.7 million that year. The filing presents no synergies. The bigger near-term pressure is Trump Media's $1.0 billion of 0.00% convertible senior secured notes. Holders can demand cash repayment at face value on November 30, 2026, and the filing lists as a risk that the company may lack the cash, forcing a refinancing, an equity raise or bitcoin sales. TAE carries going-concern doubt, the auditor-style warning that it may not be able to keep operating. Trump Media has funded a $300 million convertible note to TAE in two tranches, the second of $100 million on October 7, 2026. ## What Trump Media is buying Trump Media also runs the Truth+ streaming service and Truth.Fi, its financial technology brand. Its board cites TAE's fusion technology, a faster path to a commercial-scale prototype plant, and fusion power's potential to serve AI and data-center electricity demand. The merger agreement runs to December 18, 2026, with a $90 million termination fee on each side and expense reimbursement of up to $30 million. Trump Media's authorized common shares would double to 1,998 million from 999 million under a charter amendment on the ballot. The meeting is at 9:15 a.m. ET, with a November 2 record date. Proxy materials are slated to go out around November 6. Holders vote December 14, two weeks after the November 30 date when noteholders can demand their cash. Learn - [What a Reverse Termination Fee Means: Who Pays When a Merger Collapses →](https://www.bullished.co/learn/reverse-termination-fee-meaning/) A reverse termination fee is paid by the buyer to the target if a merger fails on agreed terms. See how it differs from a break-up fee, with live deal examples. - [How To Read A Merger Proxy: A Checklist For Shareholders Facing A Vote →](https://www.bullished.co/learn/merger-proxy-statement-how-to-read/) Facing a merger vote? Read the proxy in this order: price and payment, vote date and threshold, board background, synergy claims, then closing conditions. ### Sources - [S-4/A — Trump Media & Technology Group Corp. re: Trump Media & Technology Group Corp. (DJT)](https://www.sec.gov/Archives/edgar/data/0001849635/000143774926034438/djt20261029%5Fs4a.htm?ref=bullished.co) — SEC EDGAR - [DJT Stock Slumps Overnight: Trump Cancels Iowa, Kansas Weekend Rallies, Pivots To Tele-Appearance Just 4 Days Before Midterms](https://finance.yahoo.com/markets/stocks/articles/djt-stock-slumps-overnight-trump-051008924.html?ref=bullished.co) — Yahoo Finance ### More on Trump Media - [Trump Media Sets Dec. 14 Vote On TAE Fusion Deal, With A 4.82 Exchange Ratio And No Price Collar](https://www.bullished.co/trump-media-sets-dec-14-vote-on-tae-fusion-deal-with-a-4-82-exchange-ratio-and-no-price-a95bedbd/) - [Trump Media CEO Targets Year-End Close For TAE Merger And Says Shares Are 'A Buy'](https://www.bullished.co/trump-media-ceo-targets-year-end-close-for-tae-merger-and-says-shares-are-a-buy-3395d3b3/) [All Trump Media (DJT) coverage →](https://www.bullished.co/tag/djt/)