Trump Media SPAC Deal: Accused Insider Traders Plead Not Guilty
Portfolio Pulse from Benzinga Neuro
Three individuals accused of insider trading prior to the proposed merger of Digital World Acquisition Corp (DWAC) with Trump Media & Technology Group pleaded not guilty. The accused allegedly traded illegally in DWAC before the merger announcement, which led to a quadrupling of DWAC's share price. The trial is scheduled for March 18, 2024. The proposed merger has seen several delays and if it closes, Trump Media would gain access to more than $1 billion in cash from DWAC’s institutional investors.
July 21, 2023 | 12:34 am
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
The insider trading allegations and legal proceedings could potentially impact investor sentiment towards DWAC. The proposed merger with Trump Media, if it goes through, could significantly boost DWAC's financial position.
The insider trading allegations and the ongoing legal proceedings could create uncertainty among investors, potentially impacting DWAC's stock price. However, the proposed merger with Trump Media, if it goes through, could significantly boost DWAC's financial position by providing access to more than $1 billion in cash from institutional investors. This could potentially have a positive impact on DWAC's stock price.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100