Digital World surges as SEC clears path for merger with Trump's media firm

Phunware

15/02/2024 14:01

(Updates, adds Trump-related stocks)
    ** Shares of Digital World Acquisition Corp  DWAC.O  up
26.5% at $55.07 premarket after U.S. SEC declared effective
registration statement for the SPAC's proposed merger with
former President Donald Trump's social media firm
    ** DWAC says plans to announce within two business days,
date of the special meeting of its stockholders, where
stockholders of the record date, yet to be announced, can vote
on approval/adoption of business combination with Trump Media &
Technology Group (TMTG), per the SEC filing
    ** “This achievement marks a significant milestone for us.
Our sincere thanks go to our shareholders for their unwavering
support. We are excited to soon share the news of the Business
Combination’s approval process with them,” DWAC CEO Eric Swider
said in the statement 
    ** The deadline has been extended multiple times since DWAC
originally struck a deal to merge with TMTG in Oct 2021
    ** Other Trump-related stocks also rising before the bell on
the news
    ** Video-sharing platform Rumble  RUM.O , popular with
conservatives, up ~7%
    ** Software developer Phunware  PHUN.O , hired by Trump's
2020 presidential re-election campaign to build a phone app, up
~10%
    ** DWAC shares had gained ~149% YTD through Weds close

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))