What is going on with DWAC?
Digital World Acquisition Corp. (DWAC) stock is higher today after the SPAC announced that it had entered into subscription agreements for $1 billion to be received from various institutional investors after its business combination with Trump Media & Technology Group (TMTG) is finalized.
The stated goal of TMTG’s new social media platform is to "provide an outlet that encourages open global conversation without discrimination on the basis of political ideology."
Shares of DWAC increased over 9% to $49.18 as of Monday at 9:34am.
What does this mean for Digital World Acquisition Corp?
DWAC's recent subscription for over $1 billion in PIPE investment indicates that investors have bought into DWAC and Trump Media's mission, which is to significantly challenge the mainstream media industry for market share and viewers.
President Donald J. Trump, Chairman of TMTG, stated, “$1 billion sends an important message to Big Tech that censorship and political discrimination must end."
"America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology. As our balance sheet expands, TMTG will be in a stronger position to fight back against the tyranny of Big Tech.”
The per-share conversion price of the convertible preferred stock PIPE transaction represents a 20% discount to DWAC’s volume-weighted average closing price for the five trading days prior to and including December 1, 2021.
DWAC has a Short-Term Technical Rank of 22. Find out what this means to you and get the rest of the rankings on DWAC!
Digital World Acquisition Corp is a blank check company.
