The merger agreement between Trump Media & Technology Group and TAE Technologies was signed December 18, 2025, as an all-stock transaction with roughly equal post-deal ownership and an initial mid-2026 closing target. Progress through July 31, 2026, centered on financing updates and a June announcement dropping a related Truth Social spinoff plan while reaffirming a Q4 2026 or earlier timeline. Key remaining steps included SEC registration statement effectiveness, shareholder approvals for share issuance and charter amendments, and satisfaction of customary closing conditions. The S-4 filing occurred only on September 30, 2026, confirming the process remained incomplete by the market’s cutoff date and underscoring regulatory and procedural timelines as the dominant factors in trader assessments of closure probability.