Why Trump-Related Digital World Acquisition Corp. Shares Are Soaring
Portfolio Pulse from Erica Kollmann
Digital World Acquisition Corp. (DWAC) shares are trading higher after the company announced a settlement with the SEC on fraud charges related to its IPO and proposed merger with Trump Media & Technology Group Corp. (TMTG). As part of the settlement, DWAC agreed to a cease-and-desist order and to pay an $18 million penalty if it closes a merger transaction. The company also committed to ensuring that any amended Form S-4 it files will be accurate and consistent with the SEC's findings.
July 21, 2023 | 2:16 pm
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POSITIVE IMPACT
DWAC's stock price is likely to be positively impacted in the short term due to the settlement with the SEC, which removes a significant legal hurdle for the company.
The settlement with the SEC removes a significant legal hurdle for DWAC, which could have potentially derailed its proposed merger with TMTG. This news is likely to boost investor confidence in the company, leading to a short-term increase in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100