More than 115 cases of eye damage reported in Ontario after solar eclipse
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
Donald Trump's social media company will get tens of millions in special bonus shares in a new publicly traded entity if it performs well, handing the former president possibly billions of dollars in paper wealth based on current stock prices, according to a prospectus filed with security regulators Tuesday.
The filing says Trump's social media company that aims to challenge Twitter and Facebook will be able to exercise warrants convertible to as many as 40 million shares of the new publicly traded company over three years. The exact number will depend on how high the stock in the company trades during that time, with the maximum number granted only if it trades at least at $30 a share or higher for a sustained period.
The bonus shares for his company would come on top of nearly 90 million shares worth possibly billions more.
"Trump and his fellow shareholders could walk away with a really big payday," said Jay Ritter, a professor at the University of Florida who specializes in initial public offerings, though he cautioned the stock could plunge. "At some point the company needs to produce profits and given the competitive nature of the media industry, that could be a stretch."
Trump launched his new company, Trump Media & Technology Group, last week as he unveiled plans for a new messaging app called "Truth Social" to rival Twitter and other social media that banned him following the Jan. 6 insurrection at the U.S. Capitol.
TMTG's plan is to become a publicly listed company through a merger with the publicly traded Digital World Acquisition Corp., a special purpose acquisition company, or SPAC, whose sole purpose is to acquire a private company and take it public.
Digital World's stock plunged 30% Tuesday to close at $59.07. It had traded above $100 last week when Trump's social media company announced it would merge with it.
Still, the closing price implies Trump's bonus "earnout" shares, if granted in full, would be worth $2.4 billion, though that valuation is far from certain. Ritter warned that if Trump's bonus shares are issued, they would dilute existing shareholders, weighing on the stock price.
The bonus shares are in addition to roughly 87 million shares that TMTG will also receive, based on Ritter's calculation from the merger announcement last week. At current prices, that stake would be worth another $5.1 billion.
The big drop Tuesday in Digital World's stock is a reminder to investors of the risks of investing in SPACs, companies whose stocks have a record of soaring and plunging.
Even with the prospectus, investors are still largely in the dark about Trump's new company. It gave few details on who exactly will be running the day-to-day operations and no financial figures.
IPO expert Ritter said the Trump company valuation is remarkable given the company has divulged so little and has virtually no assets.
"But it's obviously got a big brand name that is potentially worth billions of dollars," he said.
Whatever Trump's stake in the new company, he wouldn't be able sell his shares right away. A "lock-up" provision outlined in the prospectus says he wouldn't be allowed to sell until at least five months after the merger.
Trump is listed as chairman of TMTG.
The prospectus acknowledges the "controversial nature" of a business being associated with Trump and his family.
And it says it is taking steps in case Trump should run for president again. It said the new company is structuring Trump's "ownership and position" in a way that eliminates the need for disruptive changes should Trump decide to run for public office or be convicted of a felony criminal offense.
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
A Sherwood Park family says their new house is uninhabitable. The McNaughton's say they were forced to leave the house after living there for only a week because contaminants inside made it difficult to breathe.
A man has been handed a lengthy hunting ban and fined thousands of dollars for illegally killing a grizzly bear, B.C. conservation officers say.
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
The Ontario Provincial Police (OPP) says it's investigating an interaction between a uniformed officer and anti-Trudeau government protestors after a video circulated on social media.
An emergency slide fell off a Delta Air Lines jetliner shortly after takeoff Friday from New York, and pilots who felt a vibration in the plane circled back to land safely at JFK Airport.
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
A loud explosion was heard across Hamilton on Friday after a propane tank was accidentally destroyed and detonated at a local scrap metal yard, police say.
As if a 4-0 Edmonton Oilers lead in Game 1 of their playoff series with the Los Angeles Kings wasn't good enough, what was announced at Rogers Place during the next TV timeout nearly blew the roof off the downtown arena.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”