Digital World Acquisition, a blank check company led by SPAC veteran Patrick Orlando targeting a tech-focused business, raised $250 million by offering 25 million units at $10. The company offered 5 million fewer units than anticipated. It originally planned to offer 10 million units before increasing the offering to 30 million units in July. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
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; +3% 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 plans to list on the Nasdaq under the symbol DWACU. EF Hutton acted as sole bookrunner on the deal.
