Digital World Acquisition Corp. DWAC shares are trading slightly lower Thursday after climbing more than 17% Wednesday as investors anticipate a vote on the proposed merger with Trump Media & Technology Group (TMTG).
What To Know:
Digital World Acquisition Corp. will hold a special meeting of stockholders to vote on the proposed business combination with TMTG on Friday. If approved, Digital World will merge with and into TMTG with TMTG surviving as a wholly owned subsidiary of Digital World.
Upon the consummation of the business combination, Digital World will change its name to "Trump Media & Technology Group Corp."
CNBC's "Squawk on the Street" pointed out Thursday morning that if the merger is approved Trump Media will have access to 87.5 million shares immediately and an additional $30 million worth of shares if the stock stays above $17.50 for 20 trading days. Trump's potential 127.5 million shares could be worth approximately $5.6 billion at its current price.
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DWAC Price Action: According to Benzinga Pro, Digital World Acquisition Corp. shares are down 1.1% at $42.42 at the time of publication.
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