Digital World Acquisition (DWAC) shareholders voted on Friday to approve the SPAC’s proposed merger with Trump Media & Technology Group, the company behind Donald Trump’s social media platform Truth Social. The merger values TMTG at an enterprise value of about $1.1 billion at the $10 transaction price, and the combined company will trade under the ticker DJT as early as this week. Frenzied trading, high-profile legal sagas, and the former president’s win of the Republican primary have made it one of the most talked-about SPAC mergers, and the stock may be regarded as a bet on Trump winning the US presidency in November 2024. The listing comes amid a prolonged negative environment for de-SPACs: mergers over the past twelve months have averaged a -59% return. Meanwhile, Digital World Acquisition’s stock has rallied 111% year-to-date, and finished Friday at $36.94, one of the few SPAC stocks to trade well above the offer price pre-merger.
Transaction Details
Digital World Acquisition originally IPO’d in September 2021, targeting technology-focused...
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