Digital World Acquisition Corp.(NASDAQ: $DWAC) is a special-purpose acquisition company established in 2021 with the primary purpose of taking Donald Trump’s tech and social media platform, Truth Social, public.
The long-awaited merge is scheduled for this week on Friday, which sent DWAC stock surging on Wednesday.
Investors who own DWAC stock are getting ready to meet on Friday. They will decide if the special purpose acquisition company will merge with Trump Media, per official documents filed with the SEC. The announcement comes at a time when Trump is struggling to get a bond to challenge a $454 million judgment.
Trump’s Loaming Deadline for $454 Million Penalty
According to a PBS report, Donald Trump is inching closer to a costly deadline. If the former president does not come up with a $500 million bond by Monday next week, then the New York attorney general will begin proceedings to recover the $454 million penalty Trump is required to pay the state.
Trump lawyers are trying to extend and stop these legal actions from taking place. The attorneys have also requested the court to delay the AG’s efforts as Trump appeals the verdict.
Trump’s lawyers say over 30 underwriters have declined to back him up. They informed the court that securing a bond for such a substantial amount is “practically impossible.”
DWAC Poised for Historic Merger
DWAC is set to acquire Trump Media and Technology Group (TMTG), the subsidiary of a social media platform Truth Social, in a reverse merger. The company will likely be traded on the NASDAQ using the ticker $TMTG if the merger succeeds.
Once DWAC shareholders approve the merger on Friday, TMTG will become a fully owned subsidiary of Digital World, and DWAC’s name will change to Trump Media and Technology Group. Trump’s 90% ownership stake in TMTG is estimated to be worth approximately $4 billion, considering DWAC’s present stock price.
$DWAC Price Update
$DWAC is currently trading at $44.09, surging 21.06% from its previous closing of $36.42. At the time of writing, the market cap is $1.64 billion, with a volume of 4,504,970. The stock took off after news of the merger with TMTG. The last time it surged was when DeSantis quit the Republican primaries.
Should You Buy $DWAC?
$DWAC is currently bullish due to the recent news about its long-awaited merger. On the slim chance that shareholders do not approve the merger, the stock would tank. Additionally, the success of DWAC is closely tied to Trump’s status as the lead Republican candidate. However, if he were to lose or get incarcerated, it could potentially derail the stock’s success. Consequently, it is important to keep up with the latest news and updates.
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