Trump's blank-check deal partner plummets, brings down Trump-linked stocks

Remark Holdings

07/01/2022 15:35

** Digital World Acquisition Corp  DWAC.O , the blank-check
company that will take former President Donald Trump's new media
venture Trump Media & Technology Group Corp (TMTG) public by
listing in New York, falls 9.2%
    ** Reuters reported on Wednesday, a few minutes before
market close, that TMTG plans to launch its Twitter-like social
media app Truth Social on Feb. 21, according to an Apple Inc
 AAPL.O  App Store listing  urn:newsml:reuters.com:*:nL1N2TM2CS
    ** TMTG is valued at $5.3 bln based on stock price of DWAC,
which rose 20% after the Reuters report
    ** Software developer Phunware Inc  PHUN.O , hired by
Trump's 2020 Presidential reelection campaign to build a phone
app, drops 9.7%
    ** DWAC and PHUN are among most watched stocks on
investor-focussed social media Stocktwits.com, with message vols
up ~85%
    ** Blank-check firm Benessere Capital  BENE.O , SPAC run by
DWAC's CEO and former investment banker Patrick Orlando, is flat
    ** BENE risks being dissolved if it is unable to get the
necessary votes on Friday to complete a merger and Orlando has
reached out to stockholders to vote before 1000 ET  urn:newsml:reuters.com:*:nL1N2TL2PX
    ** Orlando's other SPAC, Yunhong International, liquidated
last year, citing its "inability to consummate an initial
business" within the deadline stipulated   
    ** SPAC CF Acquisition Corp VI  CFVI.O , which will take
Canadian video platform Rumble Inc public and was joined by
Trump in June, falls 3.8%
    ** Remark Holdings  MARK.O , which has been linked to Trump
on social media forums, loses 7.3%. Reuters could not
independently verify the link between Trump and Remark Holdings

 (Reporting by Bansari Mayur Kamdar in Bengaluru)
 ((BansariMayur.Kamdar@thomsonreuters.com;))