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Shares of Digital World Acquisition Corp. Surge After Regulatory Investigation Resolution

July 23, 2023
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Digital World Acquisition Corp., the special-purpose acquisition company looking to merge with Donald Trump’s media company, has seen a significant increase in its stock price following the resolution of a regulatory investigation. The company has agreed to pay an $18 million fine, and as a result, its shares are up by 20% at $16.15 in premarket trading.

Previous Decline in Stock Value

Prior to this recent surge, Digital World Acquisition Corp. experienced a decline in its stock value. As of Thursday’s close, the shares had fallen by 11% since the beginning of the year and by 59% over the past 12 months.

Regulatory Investigation Resolution

Anticipated Settlement and Merger

Digital World Acquisition Corp. first disclosed the likely settlement back in July, although it had not yet received approval from the SEC. The recent resolution of the investigation now paves the way for the company’s merger with Trump Media & Technology. Upon completion of the merger, Trump Media & Technology will become a publicly traded entity. The two parties have until September to finalize the combination.

Potential Consequences

Should the merger fail to close within the specified timeframe, Digital World Acquisition Corp. will be required to refund the millions it raised to its investors. However, if the company returns the funds by January 2025, the SEC will waive the imposed penalty.

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