Digital World Acquisition, a blank check company led by SPAC veteran Patrick Orlando targeting a tech-focused business, raised the proposed deal size and removed rights from the units for its upcoming IPO on Thursday.
The Miami, FL-based company now plans to raise $300 million by offering 30 million units at $10 per unit, with each unit containing one share of common stock and one-half of a warrant, exercisable at $11.50. The company had previously filed to offer 10 million units at the same price, with each unit containing one share of common stock, one-half of a warrant, and one right to receive a tenth of a share upon the completion of an initial business combination. At the revised deal size, Digital World Acquisition would raise 200% more in proceeds than previously anticipated.
The company is led by CEO and Chairman Patrick Orlando, the founder and CEO of investment consulting and investment banking firm Benessere Capital. Orlando has been involved as an Executive, Sponsor, and Director in several SPACs including Yunhong International (ZGYH; +1% from $10 offer price), Benessere Capital Acquisition (BENEU; +7%), and Maquia Capital Acquisition (MAQCU; +2%). The company plans to target middle market and emerging growth technology-focused businesses in the Americas, focusing on SaaS and Technology or Fintech and Financial Services.
Digital World Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol DWACU. EF Hutton is the sole bookrunner on the deal
