Donald Trump could net a $3 billion paper windfall after shareholders of Digital World Acquisition Corp. (DWAC) voted Friday to merge with his media business.

It comes at a critical time for the former President, as he struggles with hundreds of millions in legal judgments and a 2024 campaign fundraising shortfall ahead of his rematch with President Joe Biden this fall.

The deal may not, however, solve that immediate cash crunch for Trump, who may not be able to quickly convert his shares to cash.

Stakeholders are likely to be subject to a lock-up period of about six months where they are not allowed to sell or transfer shares during that window unless the company's board votes to make a special dispensation.

The vote to merge the blank check company with the Trump Media & Technology Group came during a special meeting of DWAC stockholders. The now-approved a plan will allow Trump's company, which operates the Truth Social social media site, to take over DWAC's listing on the Nasdaq within days or weeks.

The combined company is set to be renamed after Trump’s company and is set to change the ticker symbol from DWAC to DJT, the former President's initials.

Trump himself is set to receive a stake in the combined company valued at over $3 billion. Digital World's current stock price, which ticked down Friday, has nonetheless more than doubled this year as Trump has become the presumptive GOP presidential nominee for the third time in a row.

Friday’s meeting was led by Eric Swider, the chief executive officer at Digital World Acquisition Corp. who said he was excited to see the combined company "provide a home for free speech and a platform to promote those values."

Trump himself didn't immediately react to the decision often but posts dozens of times daily on his social media site and often touts the business's prospects. He said just yesterday that Truth Social is "the real voice of America!!"

Can Trump use the windfall to pay his legal bills?

What remains to be seen is how much access Trump will have to the cash during the coming campaign season. The New York Attorney General is taking steps to seize his assets if he fails to pay $464 million, plus interest, to appeal the recent financial fraud conviction of his company.

Trump could see assets at risk of seizure as early as next week Monday if he doesn't have the cash by then.

The expected windfall also comes as the latest 2024 campaign filings from the Federal Election Commission show Biden's re-election campaign significantly out-raising Trump. The current president enjoys a $71.2 to $33.5 million cash-on-hand advantage over Trump as of the end of February.

One option for Trump to get at the cash more quickly would be for the company's board votes to make a special dispensation.

Such a move could be possible with the seven board members of the combined company set to be populated by close Trump allies like Devin Nunes, the former Congressman and current CEO of the Trump Media & Technology Group, Linda McMahon, a former Trump cabinet official, and Donald Trump Jr., his son.

Trump could also try and use the expected forthcoming windfall to secure a loan before the lockup period ends. That is seen as more complicated as it would require a bank to offer him the money up front.

A potential return to Wall Street

The two companies first announced their merger plans back in October 2021 but the merger was long-delayed by issues such as investigations into the deal both by the SEC as well as a federal grand jury investigation.

The merger also faced a lawsuit from the founders of Trump's media group who alleged a scheme to water down the value of their shares.

But with these hurdles apparently cleared, Friday’s vote also marks a return to Wall Street, which Trump has courted throughout his career with mixed success.

In 1995 Donald Trump bought 40 Wall St., down the street from the New York Stock Exchange but the property has proven to be his most durable connection to public markets in recent decades.

One Trump foray into public markets began in 1995 when Trump Hotels and Casino Resorts began to trade.

"This is such a big day for us, it's the New York Stock Exchange," Trump said at the time.

But the adventure was short lived with the stock falling below its IPO price by 1997 and being delisted a few years later.

But one legacy of that effort could live on. The ticker symbol for Trump's company in the 1990s and early 2000s? DJT.

Ben Werschkul is Washington correspondent for Yahoo Finance.

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