The social media app will be developed by Trump Media and Technology Group (TMTG).
Rafael Henrique | LightRocket | Getty Images
Shares of Digital World Acquisition Corp. — the shell company seeking to take former President Donald Trump’s social media platform public — soared more than 50% on Friday following the company’s announcement that it had settled fraud charges with the Securities and Exchange Commission for $18 million.
This surge brought DWAC’s stock to $20.08, still a far cry from its highs above $95 in March of last year.
DWAC is a special purpose acquisition company, or SPAC, that announced plans to merge with Truth Social parent company Trump Media & Technology Group in October 2021. The merger has since faced numerous delays.
DWAC’s SEC settlement dictates that the company must pay an $18 million civil penalty fee if it merges with TMTG and takes the company public. But if the merger does not occur before the Jan. 1, 2025, deadline, and if DWAC returns investors’…
2023-07-21 15:23:54
Original from www.cnbc.com
