By Will Feuer

 

Twitter Inc. said it has filed its preliminary proxy statement with the U.S. Securities and Exchange Commission for its deal to be bought by Elon Musk for $54.20 a share, even as Mr. Musk said earlier Tuesday that the deal can't move forward until the company makes more information available.

"Twitter is committed to completing the transaction on the agreed price and terms as promptly as practicable," the company said in a statement Tuesday.

"The preliminary proxy statement contains important information including the background of, and reasons for, Twitter's transaction with Mr. Musk," the company added.

The company said the deal is subject to the approval of Twitter shareholders, among other closing conditions. The company said the deal is expected to close this year.

Twitter's filing of its preliminary proxy statement came days after Mr. Musk first said the acquisition was on hold over his concerns about fake accounts on the platform. He added early Tuesday morning that the deal can't move forward until the company is clearer about how many of the accounts on the platform are fake.

Shares of Twitter were more than 2% lower at $36.44 a share in premarket trading.

 

Write to Will Feuer at Will.Feuer@wsj.com

 

(END) Dow Jones Newswires

May 17, 2022 06:30 ET (10:30 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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