Shares of Digital World Acquisition Corp. — the shell company seeking to take former President Donald Trump’s social media platform public — soared more than 50% on Friday following the company’s announcement that it had settled fraud charges with the Securities and Exchange Commission for $18 million.
This surge brought DWAC’s stock to $20.08, still a far cry from its highs above $95 in March of last year.
DWAC is a special purpose acquisition company, or SPAC, that announced plans to merge with Truth Social parent company Trump Media & Technology Group in October 2021. The merger has since faced numerous delays.
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